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Press Releases - 2007

Date Headline
18.12.07 Christine Dandridge appointed non-executive director of RFIB Group

RFIB Group, the international Lloyd’s insurance and reinsurance broker, today announces that Christine Dandridge will join the boards of RFIB Holdings Ltd and RFIB Group Ltd as a non- executive director on 1st January 2008, subject to regulatory approval.

Christine Dandridge joins the boards following over twenty years at Atrium Underwriting plc (‘Atrium’), most recently as Active Underwriter of Syndicate 609 and an executive director of the company. Formerly an insurance broker, she began underwriting at Lloyd’s as Deputy Underwriter of Syndicate 609 in 1984 and subsequently as its Active Underwriter in 1997. She has been a director of Atrium since 1986, has sat on numerous industry committees and has been a Council Member of Lloyd’s.

Patrick Holcroft, Chief Executive of the Group, said: “We are delighted to welcome Christine to the boards of RFIB Group. Her industry expertise and business knowledge will be an enormous asset to the Boards and to the wider business. We look forward to her contribution as RFIB continues to develop its growth platform.”

12.09.07 RFIB expands DIFC presence while continuing to build energy sector presence

Marking a further expansion of both its Middle East presence and of its specialist energy expertise, international Lloyd’s insurance and reinsurance broker, RFIB Group Limited (RFIB), today announces Mark Randall has joined the group as a director of RFIB Middle East (subject to local regulatory approval). Mark will be based at RFIB’s branch office at the Dubai International Financial Centre.

As former chief executive of Heddington Insurance (UK) Limited and assistant general manager of Texaco Risk Management Limited (TRML), Mark brings significant risk management experience to the group in addition to more than 25 years of broking experience in the international property and casualty sectors, with particular emphasis on the international energy sector. Mark’s early career also included six years as an underwriter with Lloyd’s Syndicate 404.

The move is the latest step in RFIB’s strategic push, announced in June last year, to build its presence in the onshore and offshore energy sector. Recent additions to RFIB’s energy team in London include Jeremy Samengo-Turner who brings over 25 years of experience broking onshore and offshore business in the London and international markets. Prior to his move to RFIB in August 2007, Jeremy was a partner of specialist energy broker, JLT Agnew Higgins.

Patrick Holcroft, Group Chief Executive, said: “Mark’s combination of broking, risk management and underwriting experience brings an added dimension to our Dubai Office at a time when risk managers and insurance buyers are taking an increasingly sophisticated approach to risk analysis and transfer. The addition to the team of both Mark and Jeremy once again reflect RFIB’s strategy of developing our international activities in areas where we have specialist expertise.”

12.07.07 Senior Appointment: Champion to drive expansion of RFIB’s facilities and binders business

RFIB Group Limited (“RFIB”), the international Lloyd’s insurance and reinsurance broker, is pleased to announce that Mr Hugh Champion, currently with Heath Lambert Group, is to join the group to drive the group’s strategic expansion of its leading position in facilities and binding authority business.

RFIB is currently one of the top ten generators of binder and coverholder business into the Lloyd’s market. Such business accounts for a significant proportion of the group’s North American income, a significant minority of its international non marine business and elements of its marine and UK income.

Hugh will work across the group to further develop RFIB’s portfolio of facilities and binders business with particular emphasis on expanding the group’s presence outside of North America, whilst building on RFIB’s significant international presence in the reinsurance sector.

Richard Johnston, Managing Director of RFIB Non Marine, commented: “RFIB already has a significant international presence through its reinsurance activities. The current pace of growth of economies in Latin America, Central and Eastern Europe and Asia means that further opportunities are now opening up in the international wholesale insurance arena, where we are able to apply our expertise in facilities and binders business on a much wider basis.”

Patrick Holcroft, RFIB Group Chief Executive, said: “The recruitment of Hugh is a further reflection of RFIB’s strategy of developing in areas where we already have specialist expertise which can be applied to new business opportunities. Our ability to attract someone of Hugh’s expertise and standing to drive this expansion is a very visible endorsement of the opportunities which RFIB has to offer, both now and in the future. Hugh’s start date has not yet been fixed and we will update the market once it is confirmed.”

19.04.07 Management buyout at RFIB positions business for next phase of growth

RFIB Group Limited (“RFIB”), the international Lloyd’s insurance and reinsurance broker, is pleased to announce it has restructured its capital base through a management buyout from retired shareholders and the introduction of FF&P Private Equity (‘FPE’), the private equity division of Fleming Family & Partners, as an independent financial investor. The transaction is subject to regulatory and other approvals.

Following the restructuring, employees will retain a majority stake in the business while FPE will acquire a significant minority shareholding. FF&P Private Equity is also prepared to make further capital resources available to RFIB in order to fund the expansion of the business.

As part of the restructuring, Lord Hodgson of Astley Abbotts, who successfully built up Granville plc, the specialist investment bank, has been asked to join the Board post completion as Non Executive Chairman and is investing alongside the existing management.

Lord Hodgson said: “This is an exciting time for RFIB. The pressure for consolidation in the sector continues to increase. We believe this will give us the opportunity to link up with businesses with complementary skills and philosophies. We also know of individuals and teams of experienced brokers who are interested in joining the entrepreneurial environment which exists at RFIB.”

Outgoing Chairman and RFIB co-founder, Clive Bowring, who will continue as Chairman of RFIB Pension Trust Limited, added: “This transaction is an important milestone in RFIB’s history. As a member of the team from day one, it is a great pleasure to be able to leave RFIB so well positioned for the future.”

Patrick Holcroft, Chief Executive, said: “Restructuring RFIB’s capital with the backing of a private, entrepreneurial investor and realigning RFIB’s ownership amongst existing staff has been a key strategic objective of the Group for some time. We are very pleased FPE has decided to support our plans and have been hugely encouraged by the investment of some £2 million by many members of RFIB’s existing staff. This additional financial commitment, much of which is from our next generation, is a further demonstration of the confidence we all share in the future. We are well structured financially and can offer potential partners considerable upside in our future growth.”

“We are delighted to be investing alongside the management and employees of RFIB to help accelerate the growth and development of the firm”, commented David Donnelly, CEO of FF&P Private Equity. “We identified insurance broking some time ago as a sector that is undergoing interesting structural changes and which offers the opportunity for a financial investor to work with high quality teams to build a business of significant value. RFIB is well placed for growth and the support of the ‘next generation’ among the RFIB team was particularly important in our investment decision. We look forward to supporting the business over the coming years.”

RFIB was advised on the transaction by Hawkpoint Partners Limited.

12.01.07 RFIB further expands Middle East presence : Bob Naudi joins the Group

In a further development of its fast growing Middle East presence, RFIB Group Limited (RFIB), the international Lloyd’s insurance and reinsurance broker, has recruited Bob Naudi as a consultant.

Mr. Naudi, who is a recognised industry expert in the region, is joining RFIB after close to 40 years with Aon both as a director and latterly as a consultant to Aon Group.

Patrick Holcroft, RFIB Group Chief Executive, said: “RFIB’s strategy is to develop international activities in areas where we have the specialist expertise. Bob’s broking experience, knowledge of Middle East and other markets, exceptional network of contacts and linguistic skills, means that he is an ideal complement to the group’s capabilities in the region.”

Bob Naudi commented: “RFIB’s established presence and stature in the Middle East means it has the resources and relationships which are fundamental to the development and servicing of the business in the region. I am thrilled to be joining the Group at such an exciting time for them.”

The move follows RFIB’s February 2006 announcement of the opening of a representative office, headed by former British Ambassador to the United Arab Emirates, Anthony Harris, at the Dubai International Financial Centre (DIFC) and its June 2006 announcement of the expansion of its en energy team to support the pursuit of new opportunities, including those in the Middle East.