Benfield Greig Arranges Financing Required For Acquisition of E.W. Blanch
And Commences Tender Offer

LONDON and DALLAS, April 30, 2001 -- Benfield Greig Group plc ( "Benfield
Greig "), the leading U.K. based independent reinsurance intermediary, and
E.W. Blanch Holdings, Inc. ( "E.W. Blanch ") (NYSE: EWB - news), a leading
U.S. provider of integrated risk management and distribution services,
announced today that Benfield Greig has arranged a new $390 million (GBP
270 million) debt facility to be provided by Barclays Capital for the
purpose of financing the acquisition of E.W. Blanch.

Benfield Greig and E.W. Blanch previously announced on April 16, 2001, that
they had entered into a merger agreement under which Benfield Greig will
acquire all of the outstanding shares of E.W. Blanch for $13.50 per share
in cash, or approximately $179 million (GBP 123 million). It is intended
that this new debt facility will provide Benfield Greig with the financing
necessary to complete the acquisition of E.W. Blanch as well as to
refinance certain of the existing indebtedness of E.W. Blanch and Benfield
Greig and to provide working capital for the enlarged group going forward.

In addition, in accordance with the terms of the merger agreement dated
April 15, 2001, a wholly owned subsidiary of Benfield Greig has today
commenced a tender offer for all of the outstanding shares of E.W. Blanch
at the purchase price of $13.50 per share in cash. The tender offer is
scheduled to expire on May 25, 2001 unless extended and is subject to
financing and other customary terms and conditions including receipt of all
antitrust and other regulatory approvals. Following the completion of the
tender offer, Benfield Greig will acquire any remaining publicly held
shares of E.W. Blanch at the offer price of $13.50 through a merger
transaction.

Grahame Chilton, Chief Executive of Benfield Greig, commented: "We have
been very encouraged by the strongly favorable reaction that we have
received to the proposed merger from E.W. Blanch's customers, management
and employees who share our vision and enthusiasm for creating a truly
independent force in global reinsurance. The new debt facility that has
been arranged to finance the acquisition of E.W. Blanch supports our belief
that the combined business has exciting future prospects and that it will
be well placed to take advantage of the rapidly changing U.S. market."

         For further information:

         For Benfield Greig Group:

         David Haggie
         Haggie Financial
         Tel:  + 44 20 7417 8989
         Mobile:  + 44 7768 332486
         Email:  david@haggie.co.uk

         For E.W. Blanch:
         Andrew Brimmer
         Joele Frank, Wilkinson Brimmer Katcher
         Tel:  + 1 212 355 4449 (extn 111)
         Email:  ahb@joelefrank.com

         For Benfield Greig US:

         Howard Liszt
         Benfield Greig US
         Tel:  + 1 612 626 2031
         Email:  HLiszt@mr.net

Lexicon Partners Limited and Bear, Stearns & Co. Inc. which are regulated
in the United Kingdom by The Securities and Futures Authority Limited, are
acting for Benfield Greig Group plc in connection with the merger and for
no one else and will not be responsible to anyone other than Benfield Greig
Group plc for providing the protections afforded to customers of Lexicon
Partners Limited and Bear, Stearns & Co. Inc. or for providing advice in
relation to the merger.

This announcement has been approved by Lexicon Partners Limited and Bear,
Stearns & Co. Inc. for the purposes of Section 57 of the Financial Services
Act 1986.

This announcement does not constitute an offer or invitation to purchase
any securities. Any such offer will only be made in documents to be
published in due course and any such purchase should be made solely on the
basis of information contained in those documents.

Except for the historical information contained herein, the matters
discussed in this news release are forward looking statements that involve
risks and uncertainties, many of which are outside the control of E.W.
Blanch Holdings, Inc. and, accordingly, actual results may differ
materially. E.W. Blanch Holdings, Inc.'s Form 10-K filed with the SEC
includes a discussion of these risk factors and is incorporated herein by
reference.

The tender offer will be made only through definitive tender offer
documents, which will be filed with the Securities and Exchange Commission
and mailed to the stockholders of E.W. Blanch Holdings, Inc. E.W. Blanch
Holdings, Inc. stockholders should read the tender offer documents
carefully when they are available because they will contain important
information. Following completion of the tender offer, Benfield Greig Group
plc will acquire any remaining publicly held shares of E.W. Blanch
Holdings, Inc. at the offer price of USD 13.50 through a merger
transaction. Investors and security holders may obtain a free copy of these
statements (when available) and other documents filed by Benfield Greig
Group plc and E.W. Blanch Holdings, Inc. at the SEC's website at
http://www.sec.gov. The tender offer statement and related materials may
also be obtained for free by directing such requests to Benfield Greig
Group plc.