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Press Releases - 2010

Date Headline
15.12.10 RFIB Group opens Kazakhstan office

RFIB Holdings Limited, the Lloyd’s insurance and re-insurance broker, has expanded its presence in Eastern Europe with the opening of an office in Almaty, Kazakhstan, and the appointment of Galina Pakhomova as Chief Representative for the country.

Ms Pakhomova brings a wealth of experience to the role, joining RFIB from Allianz Kazakhstan where she was Managing Director. Prior to that, she was Chief Representative of insurance group ROSNO, based in Kazakhstan.

Peter Talbot, Director International, RFIB Group, commented:

“RFIB has over ten years’ experience of placing reinsurance treaty business on behalf of Kazak companies, handling all major classes of business, and we believe a local presence will allow us to provide greater support to our clients in this important region. Working closely with the local insurance industry, we will seek to develop strong insurance capacity for local businesses across energy, construction, property and cargo and provide support in protecting against natural catastrophes.

“With more than 40 insurance companies and a market premium approaching US$1,000million in 2010, Kazakhstan has the highest insurance density of all CEE countries after Russia. We believe this, along with its wealth of natural resources, geographical position bordering Russia and China and its proximity to the Middle East, means it offers tremendous potential for further growth. With the opening of this office and the appointment of Galina, we are ideally placed to drive forward our expansion in Eastern Europe and beyond.”

08.12.10 RFIB Group Appoints Neil G.R Baker

RFIB Group (“RFIB” or the “Group”), the international Lloyd’s insurance and reinsurance broker, has appointed Neil G.R. Baker to the role of Divisional Director, Financial and Professional Risks.

In his new role, Neil will be responsible for the production and the placing of, predominantly, financial institution related risks into the London and overseas markets with a particular focus on the Middle East and India. He joins the growing Financial and Professional Risks division headed up by Richard Spragg.

Neil joins RFIB Group with a wealth of experience having previously worked and lived in Saudi Arabia and Bahrain, both as an insurance broker and as deputy general manager to Bahrain National Insurance Company.

Marshall King, Group Chief Executive, RFIB Group said:

“Neil brings over forty years’ insurance and broking experience to RFIB. His appointment further boosts our expertise in this important sector and is another example of the high quality individuals we are attracting to RFIB.”

25.11.10 RFIB Holdings Reveals 15% Brokerage Growth

RFIB Holdings Limited, the Lloyd’s re-insurance and insurance broker announces its financial results for the year ending 30th June 2010.

Key figures:

  • Brokerage increased by 15% year on year
  • Turnover (which includes fiduciary interest as well as brokerage) grew 13% from £38.3m to £43.5m
  • Operating profit increased by 17% from £3.0m to £3.5m compared to the prior year
  • EBITDA (earnings before interest, tax and depreciation) rose by 6% from £5.4m to £5.7m

Marshall King, CEO, commented: “Against the background of challenging conditions in the intermediary sector, our top line growth reflects the strength of our team and our increasingly differentiated position in the market. Over the past two years we have been investing in carefully selected individuals and teams to bolster our already strong internal capability. We continue to be approached by individuals and teams who are looking to join a leading independent platform.

“The 17% growth in operating profit is also very satisfactory, given that over the last two years RFIB has invested in a larger new central London office and new IT infrastructure. These, together with the full year effect of two new international offices - in Hamilton, Bermuda and Perth, Australia - which were established during the prior year, have inevitably increased the expense base but have given us the opportunity to scale the business in future”.

Robust growth was experienced in marine and non-marine business emanating from Western Europe and Scandinavia and a strong contribution from emerging markets, particularly Middle East and Eastern Europe. The Group also saw solid growth in its London market and Bermudan specialty reinsurance operations.

EBITDA (earnings before interest, tax and depreciation) rose by 6% from £5.4m to £5.7m. Profit before tax reduced by 32% from £4.7m to £3.2m, due in the main to an exceptional profit of £1.5m generated in 2009 by the sale of two non-core businesses.

Lord Hodgson, Chairman, said: “We recently announced a goal to double turnover and triple profits. The key themes of the strategy are firstly, a focus on core classes and territories where we can develop superior growth and good profitability and secondly, to make RFIB the most attractive place for top broking talent to join. These results, with the investments we have made, position us well to deliver on this strategy”.

11.11.10 RFIB Energy Australia Reports Strong Growth in Year One

RFIB Group, the international Lloyd’s insurance and reinsurance broker, announces strong growth within its subsidiary, RFIB Energy Australia PTY Ltd (RFIB Energy Australia), winning over twenty clients in its first year of operation.

The Perth-based office, which launched in September 2009, was established to provide specialist energy insurance brokerage to the oil and gas/resources sectors across Australia.

Simon Race, Managing Director of RFIB Energy Australia, commented: “Since launch in September last year, we have gone from a standing start to providing insurance and risk management solutions to more than twenty clients across every major capital city in Australia Our strong growth over the first year reflects the market desire for a specialist broker focussed on the resource sector and validates our decision to establish the first – and only – specialist energy insurance broker in Australia. We now have an excellent foundation to build our Australian client base and support the continued growth of RFIB’s international energy book.”

Jonathan Lyne, RFIB Director of Energy added: “The rapid success of RFIB Energy Australia demonstrates the industry’s recognition of the team’s technical expertise within the energy and resource sectors. Alongside the dedicated broking team and in-house claims and risk assessment professionals, RFIB Energy Australia also employs a specialist petroleum engineer who provides a genuine technical understanding of the risks being placed. The team in Perth works closely with our London Energy team to bring global solutions to all clients regardless of size“

14.10.10 RFIB to Double Turnover to £80m within Five Years

RFIB Group today announces its strategy to double turnover and triple profits by 2015, which it plans to achieve by focusing on growing core classes and territories and becoming a more focused wholesale broker with superior scale and strength in each of its disciplines.

The strategy incorporates specific growth plans for each of the Group’s four divisions: Specialty, International, North American Binders and Wholesale & Direct.

Firstly, RFIB’s International division, led by Stephen Hirst, will focus on developing relationships with international insurers and major international corporations and cross-selling its range of capabilities. Particular focus will be applied to emerging markets where the company has good knowledge and historical presence, namely the Middle East, Eastern Europe and Southern Africa.

Secondly, RFIB will aggressively expand its Specialty Reinsurance area, headed by Jonathan Turnbull, which concentrates on reinsurance programs for London Market insurers, captives and risk retention groups worldwide.

Finally, RFIB will build on its already significant facilities and programs book. The North American and Canadian cover-holder business, led by David Wheal, is planned to grow steadily and the Wholesale and Direct Division, led by Hugh Champion, will start an expansion drive of its international coverholder business in selected classes focusing initially in the more developed Western European countries.

Marshall King, Group CEO, commented, “The senior team have worked over the past several months to develop a five year plan which will take us from an annual revenue of around £40 million business to in excess of £80 million. We have already made substantial investments in property and infrastructure to support this significantly larger enterprise and are now starting to attract the key individuals who want to play a part in this growth”.

“The key word in the strategy is focus: we will focus on key books of business where we are, or can see a path to being, a significant independent player offering class leading service, high “bench strength” of expertise and strong market relationships.

“We are fully committed to developing RFIB as an exciting and rewarding employer for talented and entrepreneurial insurance professionals. We continue to be approached by individuals and teams who are looking for a business which believes in providing focused client service and attention when the industry at large is moving towards a commodity service.”

01.07.10 RFIB Group Boosts Bermuda Team with Senior Broker and Executive Vice President

RFIB (Bermuda) Ltd, part of international Lloyd’s insurance and reinsurance broker RFIB Group, has hired Jeremy Brasier as senior broker and Executive Vice President. Jeremy will report to and work closely with Nigel Clark, CEO of RFIB (Bermuda) Ltd, to further develop the Bermuda platform, which launched in June 2009.

Jeremy joins RFIB Group from Kirkway International Ltd, a Bermudian domiciled brokerage company, where he was Executive Vice President for eight years. Prior to that, he worked for Lloyds broker J.K Buckenham Ltd based in London. Jeremy brings with him detailed knowledge of the alternative insurance and reinsurance markets, with particular emphasis on producing business from risk retention groups, captives, mutuals, self-insured trusts and specialty MGAs.

Nigel Clark, CEO of RFIB (Bermuda) Ltd, said:

“We are delighted to have someone of Jeremy’s calibre joining us within the specialty division of RFIB Group and the Bermuda company. During his career, he has developed close ties with reinsurers and carriers in all major markets and will be instrumental in helping drive forward our business in both Bermuda and the USA. RFIB (Bermuda) Ltd has had a very successful first year and Jeremy’s appointment is an important step in the development of our overall specialty platform and strategy. I look forward to working with him in the coming years.”

24.06.10 RFIB Group Strengthens Terrorism Team with the Appointment of Alexandra De Souza Mattos

RFIB Group (“RFIB” or the “Group”), the international Lloyd’s insurance and reinsurance broker, has hired Alexandra de Souza Mattos as Divisional Director, Sabotage & Terrorism. In this role, Alexandra will be responsible for the development of the sabotage and terrorism portfolio.

Alexandra joins RFIB Group from Tysers where she was a War & Terrorism Broker for over four years. In that role, Alexandra was instrumental in establishing a new department within the marine division to place and develop stand-alone property terrorism and terrorism third-party liability, both in Lloyd’s and overseas markets. In addition, she handled political risk and war on land enquiries across South America, Europe, Asia, the Middle East and India. Prior to this Alexandra worked for Guy Carpenter & Company Ltd as Assistant Vice President, concentrating on South American reinsurance programmes.

Commenting on her appointment Alexandra de Souza Mattos said:

“RFIB continues to go from strength to strength and I am looking forward to playing my part in their ongoing expansion. I am excited in working closely with RFIB clients and customers, in providing innovative solutions for their Terrorism and Political Violence Insurance and Reinsurance requirements.”

Marshall King, Group Chief Executive, RFIB Group said:

“We are thrilled that Alexandra has joined RFIB. The sabotage and terrorism team is of growing importance and with Alexandra’s strong track record in covering these risks, it will allow us to significantly strengthen our presence in this area.”

07.06.10 RFIB Group Appoints Toby Heppel as Divisional Director

RFIB Group (“RFIB” or the “Group”), the international Lloyd’s insurance and reinsurance broker, has appointed Toby Heppel to the role of Divisional Director in the political, credit and financial risks team.

Toby joins RFIB Group from FirstCity Partnership where he was an insurance and reinsurance broker specialising in reinsuring institutions in the Middle East. Prior to this Toby worked for insurance broker, Lambert Fenchurch and has worked in the industry for over 27 years.

Commenting on his appointment Toby Heppel said:

“I am looking forward to working at RFIB and believe it will be an excellent home for my existing clients.”

Marshall King, Group Chief Executive, RFIB Group said:

“We are delighted to welcome Toby to RFIB. He brings with him a skill set which enhances our capabilities in the credit and political risk sector and his book of business complements our strong presence in emerging markets. Whilst he had offers from other top tier brokers, it’s another example of quality individuals selecting RFIB as a great platform.”

30.03.10 RFIB appoints Dominic Hagger as Operations Director

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

Dominic joined RFIB in June 2008, heading up the Global Solutions team, and has a wide range of insurance broking and operational experience spanning over 24 years. Prior to joining RFIB, Dominic was Deputy Chief Executive Officer at Arthur J Gallagher (UK) Limited.

Marshall King, CEO of RFIB, commented: “Over the past year Dominic has played an integral role in driving the group’s expansion in its international non marine insurance business and has become an extremely valuable member of the team. In his new capacity, Dominic will spend the majority of his time on development and execution of RFIB’s operational strategy, focusing on processes, structure, scalability and automation.

“This newly created role reflects the ongoing development of RFIB as we continue to grow our business whilst ensuring a first class service to our clients.”

08.02.10 RFIB recognised for outstanding growth in the Sunday Times

RFIB Holdings Limited (“RFIB” or “the Company”) the international Lloyd’s insurance and reinsurance broker, announces today that it has won a place in the prestigious Sunday Times Deloitte Buyout Track 100.

The annual league table was published for the fourth year running on Sunday 7th February and features Britain’s top 100 private equity-backed companies with the fastest growing profits (EBITDA) over the last two years. Two-year annual profit growth ranges between 29% and 147%, and profits between £3m and £50m.

Marshall King, CEO of RFIB, commented: It is a great honour to be recognised in the Sunday Times Deloitte Buyout Track 100. The success and continued growth of RFIB reflects the Company’s investment in its people and technology. We look forward to entering the next phase of our development and will continue to seek experienced individuals and teams to help us grow our business throughout 2010.