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Press Releases - 2009

Date Headline
18.12.09 Armed guards more in favour - Publication; Tradewinds

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16.12.09 Stephen Grant appointment

RFIB Group (“RFIB or the Group”), the international Lloyd’s insurance and reinsurance broker, today announces the appointment of Stephen Grant as Director of RFIB Group.

Stephen joined RFIB in March 2000 as Company Secretary and Compliance Officer and has been instrumental in the Group’s development over the last nine years. Stephen has been involved in all RFIB’s major milestones including the recapitalisation of the Group in 2007 and the establishment of the Dubai, Bermuda and Australia offices.

Prior to joining RFIB Stephen was at ACE Global Markets as the Assistant Compliance Officer and Assistant Company Secretary having joined Methuen Underwriting Agency in 1996 prior to its acquisition by ACE.

Marshall King, CEO of RFIB Group, commented: “Over the last nine years Stephen has made a positive impact on the strategic development of the Group and has actively helped us to transform our business into a leading Lloyd’s broker with over 300 employees and brokerage of circa £38m. I am delighted that Stephen has agreed to join the Board and I look forward to working with him in that capacity.”

30.11.09 RFIB plans bolt-on acquisitions up to GBP 15m

RFIB, a privately owned UK insurance broker, is actively looking to acquire reinsurance or wholesale bolt-on businesses in the GBP 5m–15m range, its CEO said.

The company is 35%-owned by investment firm Fleming Family and Partners (FFP) and 65% by management. The ownership structure and support of FFP provides good potential to expand, Chief Executive Marshall King said.

“We would like to expand through acquisition and organic growth and for the former we would like to do so through either acquiring teams or entire companies in the reinsurance and wholesale divisions,” King said. “We would like to look towards bolt-ons of profitable, niche businesses in the GBP 5m–15m price range while larger transformational deals are not out of the question in several years' time.”

Geographically, King didn’t rule out any particular region. RFIB is a global business and with offices in London, Dubai, Hamilton, Kiev, Moscow, Perth and Tokyo as well as minority investments in insurance entities internationally.

Funding for any acquisition would be generated through a combination of its own balance sheet and its shareholder. “FFP is very willing to assist in funding for an acquisition, but we also have a strong balance sheet also,” King said.

Operating revenue for the 12 months up to June 2008 increased by 12% to GBP 34m while profit before tax for the same period increased by 44% to GBP 4.4m.

Earlier this year RFIB sold its UK retail intermediary, Bridle Insurance Brokers Limited, to CFN Insurance Services Limited (CFN) for an undisclosed sum. King said there would be no further sales as it was now preparing to expand over the next 12 – 24 months.

King took over as CEO in September after Patrick Holcroft stepped down from the position.

18.11.09 Nigel Russell - Senior Appointment

RFIB Group (“RFIB or the Group”), the international Lloyd’s insurance and reinsurance broker, announces that Nigel Russell is to join RFIB International as part of the group’s drive to expand further its International Hull and Protection and Indemnity (P&I) business.

Nigel will bring with him some 35 years of marine broking experience, working with leading shipowners, shipbrokers and P&I Clubs.

Stephen Hirst, Managing Director, RFIB International, said: “RFIB’s market and technical know-how lie at the heart of our success. Nigel’s experience and knowledge will be an enormous asset to the international team as we continue to grow and develop the business. We are very much looking forward to working with him”.

26.10.09 RFIB joins forces with MAST and Saladin in the fight against piracy

RFIB Group (RFIB), the international Lloyd’s insurance and reinsurance broker, Maritime Asset Security & Training Ltd (MAST), a specialist maritime security company, and Saladin Group (Saladin) have today announced the launch of a total protection service for shipowners to safeguard against piracy.

MAST’s track record of providing security for over 250 ship movements since November 2008 coupled with the broad experience and regional capability of Saladin makes for a strong team, augmented further by the alliance with RFIB.

The unique product will offer shipowners a three-pronged approach to ensure total protection of their vessels, crew, cargo and passengers:

  • MAST will provide guards, either armed or unarmed, for the transit period, train the crew in the action to take in the event of an attack and ensure the vessel is fully secure.
  • Saladin will provide an instant response service which includes crisis management assistance, negotiating with the pirates, vessel overwatch, proof of life and delivery of ransom monies to secure the safe release of hostages.
  • RFIB will provide Marine Kidnap and Ransom coverage to reimburse payments made for safe release. This service is insured at Lloyd’s.


This product is highly attractive to the marine market as the combined offer lowers risk and therefore reduces insurance premiums.

Hugh Champion, Managing Director of RFIB, Non-Marine said: “The focus of our combined offer is to give the marine market a cost effective solution which, at the same time, endeavours to ensure that insured vessels, cargo, crew and passengers reach their destination safely with their security and assets protected from all eventualities.

We are delighted to be working with two of the world’s premier security companies and look forward to reducing our clients’ premiums through the offering.”

Phillip Cable, Commercial Director of MAST, said: “MAST’s business priority has long been to provide an exemplary security service to the shipping and yachting community. We are pleased to be associated with Saladin and RFIB who will further this aim and enhance the security services available to the maritime community.”

David Walker, Chairman of Saladin, said: “This really is a unique, total protection product at very favourable prices. The combination of skills, knowledge and experience along with reduced insurance premiums makes for a highly attractive package within the marine market.”

26.10.09 RFIB reorganises to increase focus on clients and markets

RFIB Group, (RIFB or the Group), the international Lloyd’s insurance and reinsurance broker, is reorganising its current Marine and Non-marine divisions into three new areas with the objective of increasing its focus on clients and markets. The divisions will be known as International, Wholesale & Direct and Specialty.

The International division will include the full range of Marine and Non-marine insurance and reinsurance products and services. It will enable closer coordination of the full range of RFIB products and services to RFIB’s international client base. This area will be led by Stephen Hirst.

The Specialty division will bring together the specialty and London market (re)insurance business of RFIB. The Alternative Risk Team led by Nick Foden-Pattison forms a key part of this area. The division will report through to Jonathan Turnbull.

The Wholesale & Direct division will comprise RFIB’s wholesale, direct insurance and binder facilities. This will be led by Hugh Champion.

The North American division will remain the same and will continue to be led by David Wheal.

Robert Jamieson, Managing Director of RFIB Non-Marine, has announced his desire to step down from the board of RFIB and move to a part time role.

Marshall King, RFIB Group Chief Executive Officer, commented “This reorganisation is a natural evolution of the growth of capabilities within RFIB over recent years. The new International division will help RFIB to offer its ever widening Marine and Non-marine capabilities to its key clients across multiple geographies. The creation of the Specialty division brings together a number of highly talented individuals within the company who are able to create innovative (re)insurance solutions for our clients. The formation of the Wholesale & Direct division gives our range of direct and wholesale services a clear focus and leadership”.

“I would like to thank Robert Jamieson for his dedication to RFIB over the last 21 years. We are delighted to have his continued support as we enter the next phase of the Group’s development.

“RFIB now has brokerage in excess of £40m and is a growing force in the London and international markets. We continue to seek quality individuals and teams to help us to grow our business in a highly entrepreneurial environment.”

21.09.09 RFIB appoints Simon Foreman as Divisional Director in RFIB Marine

RFIB Group (RFIB or the Group), the international Lloyd’s insurance and reinsurance broker, today announces the appointment of Simon Foreman as Divisional Director in RFIB Marine. Simon takes up his new position on 23 October 2009.

Simon has over 34 years of experience in the reinsurance arena and joins RFIB Group from Aon Benfield, where, most recently, he specialised in Central & Eastern European markets in both Marine and Non Marine reinsurance. During his nineteen years at Aon Benfield Simon held a number of senior roles and was part of the Aon Re CEE team, taking specific responsibility for the Marine account and the development of Catastrophe Schemes.

In his new role, Simon will add to RFIB’s strong presence in Central & Eastern Europe and assist in the further expansion of the account through new product development.

Marshall King, RFIB Group Chief Executive Officer, said: “Simon brings with him substantial experience across a range of business classes. He is another top quality hire with an excellent reputation and we believe his talents will prove invaluable as we continue to expand the Group.”

08.09.09 Arrival of Marshall King as CEO, new headquarters and rebrand readies RFIB for new horizons

Marking another milestone in the Company’s development, RFIB Group, the international Lloyd’s insurance and reinsurance broker, is pleased to announce the arrival of Marshall King as CEO.

The Company is also pleased to announce the launch of its rebrand. The new look comes in conjunction with RFIB’s move to new headquarters at the redeveloped 20 Gracechurch Street.

The rebrand and relocation reflects the continuing development and expansion of the Group. The new headquarters is strategically positioned close to Lloyd's of London and at the crossroads of the City’s financial and insurance districts.

Marshall King, CEO, commented: “I am delighted to be part of RFIB which is a highly successful and vibrant business. I believe there are real opportunities for growth in this changing market and RFIB has the expertise and capability to capitalise on this and take the company forward to the next stage of its evolution.

“Our new London headquarters provide an excellent working environment combined with much needed space for future expansion. The rebrand reflects the heart of our offering: experience, expertise and strong relationships. It is this knowhow that has led RFIB, over the last three decades, to become a leading Lloyd’s broker.

From Monday 14th September RFIB’s new head office address is: 20 Gracechurch Street, London, EC3V 0AF

27.08.09 RFIB Continues to Expand International Energy Presence with Opening of Perth Office

RFIB Group, the international Lloyd’s insurance and reinsurance broker, today announces it has established a new office, RFIB Energy Australia PTY Ltd in Perth – as part of its expansion moves in the Australian and Far East markets.

The initiative reflects RFIB’s development strategy, as first announced in June 2005, to build its energy operations. The Perth office, which will also focus on the mining and power sectors, will be headed by Simon Race, who until recently headed the Perth office of Benfield Corporate Risk. Simon is being joined by former colleagues Matt Gibbs and petroleum engineer, Jim Embury.

Jonathan Lyne, who heads up RFIB’s energy operations, commented: "The opening of the Perth office marks another step in RFIB’s strategic plan to grow its energy book. The move builds on various RFIB initiatives over the last three years including the expansion of RFIB’s international team of energy specialists and the creation of offices in Dubai, Moscow and the Ukraine. We are delighted to have attracted such highly thought of brokers as Simon and Matt to support our business growth in Australia and the Far East."

22.07.09 Marshall King to be appointed as Chief Executive

RFIB Holdings Limited (“RFIB or the Group”), the international Lloyd’s insurance and reinsurance broker, announced in December 2008, that Patrick Holcroft wished to step down from the role of CEO once a successor had been identified and was in post. Today, RFIB announces the appointment of Marshall King as Chief Executive Officer, with effect from 7th September 2009, subject to Regulatory Approval.

Marshall King gained a First Class Honours degree from Dublin University and an MBA from INSEAD. His early career spanned management consulting (Bain and Company) and business information (Dun and Bradstreet). More recently, he was founder and CEO of Improveline, a private equity backed insurance claims management business. It was acquired in 2005 by Homeserve plc, a FTSE 250 company, where Marshall occupied a number of senior management roles. He also represented Ireland at sailing in the Olympic Games in Atlanta in 1996.

Lord Hodgson of Astley Abbotts, Chairman of RFIB, commented: “RFIB has made significant progress over recent years and Marshall’s appointment is the next stage in the Group’s development. We have an excellent operational team at RFIB and I am confident that Marshall’s strong track record of business development combined with his leadership skills will reinforce our existing strong base.”

“At the same time, it is excellent news that Patrick, whose commitment over the past eighteen years has helped transform RFIB into a leading Lloyd’s broker, has agreed to remain on the Board as Deputy Chairman.”

Patrick Holcroft, RFIB Group Chief Executive Officer, commented: “Marshall has emerged as the outstanding candidate for the role, following an exhaustive national and international search. He brings with him a wealth of business development management and insurance experience and we are delighted to welcome him to the team. From a personal perspective, it has been a privilege to have led RFIB from modest beginnings to its current size and shape; and to hand it over in good order, with excellent prospects. I am sure it will go from strength to strength under Marshall’s leadership.”

Marshall King commented: “I am excited by the challenge of being part of a vibrant company and am looking forward to taking the Group through the next stage of its evolution. It is my intention to build on RFIB’s successful business strategy continuing to attract talented teams and individuals as part of our future growth story.”

05.06.09 RFIB announces the sale of Bridle Insurance Brokers

RFIB Holdings Limited, the international Lloyd’s insurance and reinsurance broker, today announces the sale of the business of its UK retail intermediary, Bridle Insurance Brokers Limited (Bridle), to CFN Insurance Services Limited (CFN) for an undisclosed sum. The sale is effective from June 1 2009.

Patrick Holcroft, RFIB Chief Executive, commented: “While we are sad to see the team at Lyndhurst depart, the CFN deal offers an attractive home for the Bridle business that will better position it for its future development. We wish the team every success in the future”.

03.06.09 RFIB expands international presence with creation of Bermuda subsidiary

Nigel Clark appointed as CEO.

RFIB Holdings Limited, the international Lloyd’s insurance and reinsurance broker, today announces it has established a Bermuda-based operating subsidiary, RFIB (Bermuda) Ltd.

Nigel Clark has been appointed as Chief Executive Officer of RFIB (Bermuda) Ltd. Nigel, whose 30 year career in the reinsurance sector includes 20 years in Bermuda as both an underwriter and a broker, was previously with the Carvill Group which he joined in 1996 to form Carvill (Bermuda) Ltd.

Patrick Holcroft, RFIB Chief Executive, commented: “The creation of RFIB (Bermuda) Ltd recognises the importance of Bermuda as a major insurance and reinsurance market hub and marks the next step in RFIB’s strategy to grow its specialist reinsurance businesses. The addition of someone of Nigel’s calibre and experience to the team will be extremely valuable in developing this new initiative.

Earlier this year, the group reported strong growth in the group’s operating revenues for its financial year to 30 June 2008 which was fuelled by the contribution of new teams and organic growth within the group’s Marine, Non Marine and North American divisions.

21.04.09 RFIB Holdings Limited - Senior Appointment

Mark Kinsella joins as Head of Information Technology.

RFIB Holdings Limited (“RFIB or the Group”), the international Lloyd’s insurance and reinsurance broker, announces that, as part of its drive to lay the foundations for further expansion, Mark Kinsella has joined RFIB as Head of Information Technology.

The Group recognises that the business needs to grow and evolve and, in this role, Mark will be responsible for developing RFIB’s information technology strategy which will support the growth and improve service objectives.

Mark joins RFIB from AON Benfield where, during his 17 years with the business, he held a number of positions including Chief Technology Officer, Head of Development and Head of E-business. Key initiatives developed by Mark during that period included advancing the development of various projects to improve market and process efficiency, including working with the Group of Six (G6) alliance of Lloyd’s underwriters on its Peer to Peer standard messaging system.

Patrick Holcroft, RFIB Group Chief Executive Officer, said: “RFIB’s market and technical know-how lie at the heart of our growth. Information technology – whether as a tool to drive process efficiency or to assist the group to make the most of its collective experience - is a critical part of the service jigsaw. Mark’s strategic view and knowledge will be an enormous asset as we grow and develop RFIB’s business.”

16.04.09 RFIB Holdings Limited: Office move lays foundation for further expansion

Office move lays foundation for further expansion

In what is believed to be one of the largest City property transactions in the last six months, international Lloyd’s insurance and reinsurance broker, RFIB Holdings Limited (’RFIB’), today announces it has entered into an agreement to lease new offices at the redeveloped 20 Gracechurch Street, London, EC3.

Situated at the junction of Gracechurch Street and Lombard Street, the building is strategically positioned close to Lloyd’s of London and at the crossroads of the City’s financial and insurance districts.

The move both reflects the continuing growth of RFIB and positions the business for future expansion. Accordingly, RFIB is taking in excess of 40,000 square feet in the high quality offices.

Patrick Holcroft, Chief Executive Officer of RFIB, said: “It has been an exciting year for RFIB. Our move, which is scheduled for the autumn, will both accommodate our recent growth and allow for our future growth plans. The space is ideally located, providing us with an excellent working environment at the heart of London’s insurance market.”

Earlier this year, the group reported strong growth in the group’s operating revenues for its financial year to 30 June 2008 which was fuelled by the contribution of new teams and organic growth within the group’s Marine, Non Marine and North American divisions.

16.01.09 RFIB Holdings Limited: Results for the 12 months ended 30 June 2008

RFIB Holdings Limited (“RFIB or the Group”), the international Lloyd’s insurance and reinsurance broker, is pleased to announce its results for the 12 months ended 30 June 2008.

Financial highlights for the 12 months ended 30th June 2008 ¹

  • Operating revenue for the period increased by 12% to £34.0m (2007:£30.4m)
  • Profit before tax for the period increased by 44% to 4.4m (2007:£3.1m)


¹The audited financial statements for 2007 were for a 15 month period to 30 June 2007 and have been restated on a time apportioned basis for the purposes of comparability.

Patrick Holcroft, Chief Executive, said: “The results demonstrate a most successful year for RFIB. The increase in Group operating revenues, despite the impact of the weakness of the US dollar against sterling, reflects both the contribution of new teams and the organic growth we have achieved within the Group’s Marine, Non Marine and North American divisions.

“At the same time, during the last 12 months we have strengthened our operating, finance and administration base, so further underpinning the long-term strength of RFIB’s proposition. This means we are well positioned to take advantage of opportunities that inevitably present themselves in the current economic climate.

“We believe that over the next twelve months our business will continue to grow strongly, and look forward to 2009 with excitement and optimism.”

Operational Highlights:

Financial structure

On 10 July 2007 the Group completed its financial restructuring with the purchase of the entire share capital of RFIB Group Limited by a new company, RFIB Holdings Limited. The introduction of FF&P Private Equity (FPE), which has taken a significant equity stake in the business, has put majority ownership into the hands of those who work in the business. FPE has also made it clear that additional funds are available to finance the future growth and development of the Group. The combination of majority management ownership, healthy levels of profitability and access to finance with which to build the business, makes RFIB a compelling platform with which to attract and retain some of the best people working in the insurance/reinsurance sector.

Operating performance

RFIB has reported good performance in all of its major businesses and has acquired new teams and individuals that enhance its Marine and Non-Marine platforms.

Recognising the need to maintain focus on the Group’s core reinsurance and wholesale activities, in July 2008 RFIB sold its non core retail aviation insurance activities.

People

Christine Dandridge, Hugh Champion, Chris Tansley and Jonathan Turnbull were appointed as board members of either RFIB Holdings Limited or RFIB Group Limited during 2008. Christine joined as a non-executive director following a successful Lloyd’s underwriting career, most recently at Atrium Underwriting plc. Hugh, who has a long career in the Lloyd’s broking market, latterly with Heath Lambert, has responsibility for strengthening RFIB’s wholesale insurance capability. Chris, an internal promotion, is a key member of the Marine Division. Jonathan has taken over as Chief Financial Officer, joining from reinsurance broker, Carvill - and previously Benfield - where he undertook similar roles.