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Press Releases - 2014

Date Headline
14.11.14 RFIB appoints David O'Gorman as Global Head of Analytics

RFIB Group Limited, the international Lloyd’s insurance and reinsurance broker, today announces the appointment of David O’Gorman as Global Head of Analytics. He takes up his new position with immediate effect and will report to Jonathan Turnbull, Chief Executive Officer of RFIB.                            

David will be responsible for the development and delivery of RFIB’s analytics capabilities. He joins from Ultimate Risk Solutions, an independent financial modelling firm, where he spent four years as Managing Director and Regional Head of Spain, Portugal and Latin America. Prior to this, he was responsible for Benfield’s Latin American analytics services. David is an Associate of the Institute of Actuaries and holds a Bachelor of Science degree in Applied Mathematical Sciences from Dublin City University.

Jonathan Turnbull said, “Understanding our client’s individual requirements and in turn, providing them with bespoke risk transfer solutions is central to our approach. Appointing someone of David’s calibre, with his recognised analytical and DFA modelling expertise, is a reflection of this philosophy and emphasises our ongoing commitment to enhance our capabilities and the services we provide to clients. I am delighted to welcome David to the team.”

20.10.14 RFIB appoints Northern European team

RFIB Group Limited, the international Lloyd’s insurance and reinsurance broker, today announces the appointment of Colin Pinder and Gary Blakesley as Divisional Directors to develop a predominantly German Marine account. Colin and Gary take up their new roles with immediate effect reporting to Chris Tansley, Managing Director Marine International.

Colin Pinder brings more than four decades’ experience in the German Hull and War market to RFIB. He joins from Willis, where he served as Divisional Director. Prior to this, Colin spent 20 years at Miller Insurance Brokers. He began his career in 1971 with Glanville Einthoven.

Gary Blakesley also joins RFIB from Willis where he focused on Hull & Machinery, Increased Value and War Risks in the German and Northern European Markets. Prior to this, Gary spent 12 years at Ropner Insurance Services, again focusing on German Hull business. He began his career in 1982 at Alexander Howden.

Jonathan Turnbull, Chief Executive Officer of RFIB said: “I am delighted to welcome Colin and Gary to lead our expansion into the German market. Their exceptional experience and market contacts, combined with a proven track record of building profitable accounts will be a terrific asset in realising our ambitions for the region. Both Colin and Gary have built their reputations on providing solutions tailored for clients’ specific requirements and as such are the ideal candidates to broaden RFIB’s offering in Germany.”

24.09.14 RFIB appoints Martin Pyrke as Deputy SEO, Middle East

RFIB Group Limited, the international Lloyd’s insurance and reinsurance broker, today announces the appointment of Martin Pyrke as Deputy Senior Executive Officer, Middle East. Martin will be based in RFIB’s Dubai office. He takes up his new position with immediate effect and will report to Anthony Harris, Senior Executive Officer, Middle East.

Martin, who joined RFIB in 2009 to develop its Middle East Reinsurance Treaty business, brings nearly four decades’ insurance experience to his new role. Prior to his appointment at RFIB he spent six years developing Benfield’s Middle East account. In total, Martin spent nearly 25 years at Greig Fester (subsequently Benfield) where he held various senior roles including serving as Managing Director of Greig Fester New Zealand.

Jonathan Turnbull, Chief Executive Officer of RFIB said: “Since joining the RFIB team in 2009, Martin’s wealth of knowledge and experience has been a significant asset and I am pleased to announce his appointment as Deputy SEO of our Middle East business. The Middle East is a key part of our growth strategy and with his extensive local market contacts and proven track record in the region, Martin will have an integral role in ensuring we realise our ambitions and develop the opportunities available to us.”

08.09.14 RFIB introduces innovative new binding authorities management system

RFIB Group Limited, the international Lloyd’s insurance and reinsurance broker, today announces, in partnership withthe Catastrophe Risk Exchange (CATEX), the introduction of a new binding authorities management system. The new platform will be utilised across risk, premium and bordereau processing.

The system, which was implemented following the completion of a project to transfer legacy data, will offer coverholders a dramatically enhanced service significantly improving the level of information and historical analysis available. It will also markedly improve the quality of data available to underwriters. Finally, the system’s bespoke formatting capabilities allows for data to be quickly reformatted for coverholders and underwriters.

Recognising the needs of underwriters and coverholders, a number of further benefits to the system will come into effect shortly including:

  • An interactive portal enabling coverholders and underwriters to view their portfolios with detailed live data analysis of exposures, profitability, limit caps based on reports and graphics, such as maps and charts,
  • Collaborative capabilities allowing RFIB to work with coverholders on issues with bordereau data that require feedback.
  • Straight through processingallowing for data to be automatically loaded into the system from email, XML or on a bordereau basis.
  • Facility allowing data to be directly loaded into Lineage from the RFIB Binders system without the need for coverholder input

Richard Boughton Managing Director of RFIB’s North American Division said “I am delighted to announce the launch of our new system. The wealth of information now available and the new tools available will enable RFIB to provide an enhanced service in terms of the information and historical analysis we can provide to coverholders and the data quality we provide to underwriters. The implementation of this system heralds the start of a new phase of development to drive further benefits to our business partners over the coming months.”

05.09.14 RFIB Bermuda announces management changes

RFIB Group Limited, the international Lloyd’s insurance and reinsurance broker, today announces that it has promoted Jeremy Brasier to head its Bermudian operations. Jeremy, who previously served as Executive Vice President, takes up his new role as Managing Director of RFIB (Bermuda) Limited with immediate effect.                                      

Jeremy has been with RFIB for over four years, focusing on placing reinsurance for risk retention groups, captives, mutuals, self insured trusts and specialty MGAs. He joined RFIB from Kirkway International, where he spent over eight years specialising in modernising traditional insurance and reinsurance structures. Jeremy began his career in 1996 as a reinsurance broker with JK Buckenham Ltd.

Commenting on the appointment, Jonathan Turnbull, CEO of RFIB Group, said, "I am very pleased that Jeremy has agreed to lead our Bermudian business in what promises to be an exciting growth phase. Since joining RFIB in 2010, Jeremy’s energy, leadership abilities and strategic thinking have been a significant asset and I am certain that with him leading our operations in Bermuda, we are well positioned to realise our ambitions on the island."

Jeremy Brasier added, “There is significant scope to grow our Bermudian operation and I am delighted to have the opportunity to lead RFIB’s business in Bermuda and develop the opportunities available to us.”

In a related development, Nigel Clark, tendered his resignation in order to pursue other interests. 

03.09.14 RFIB Holdings Limited - Results for the 18 months ended 31 December 2013

RFIB Holdings Limited, the international Lloyd's insurance and reinsurance broker, announces its results for the 18months ended 31 December 2013.

On a pro-forma 12 month basis for continuing business the financial highlights are:

  • Group revenue increased to £41.4m (2014: £41.1m)
  • EBITDA was maintained at £3.5m (2012: 3.5m)
  • Profit before tax increased to £4.3m (2012: £1.3m)

Operational highlights:

  • Year end changed from 30 June to 31 December
  • Completion of business restructuring to facilitate future growth
  • Strengthening of specialty business through disposal of non core units
  • Continued expansion in Middle East and Africa
  • Move to single floor space in London to improve efficiencies
  • Profitability maintained throughout this period
  • Appointment of Fenchurch Advisory Partners to review future strategic options

Jonathan Turnbull, Chief Executive Officer said:
"The last 18 months have been a transitional period for RFIB and I am delighted that in a difficult maket we maintained profitability whilst we have completed an extensive programme of investment, divestment and internal restructuring, implementing a range of initiatives that are already beginning to have a positive impact on the business and I believe will facilitate our significant expansion.

We continue to build a terrific team and attract high calibre candidates including the appointment of Richard Boughton as our new Managing Director for our North America Division. We have also strengthened our Middle East capability in Riyadh and Dubai and continued to expand our global office network with the establishment of our new operations in Durban, the first RFIB office in Africa.

Market conditions remain soft as a result of an over supply of capital from investors in search of non correlated returns and higher yields. As a result the external operating and competitive environment continues to be challenging and uncertain. However, with all the work which has been undertaken over the past two years, I feel confident about RFIB’s prospects for future growth based on an increased focus on speciality lines of business, backed by a scalable efficient administrative platform, supported by a strong governance and internal control framework.

With our future growth in mind we appointed Fenchurch Advisory Partners in August to undertake a strategic review of the Group’s positioning. This process will include an exploration of the full range of options so as to enable the group to take maximum advantage of likely developments in the Lloyd’s and international insurance markets.”

28.07.14 RFIB appoints Malcolm Gray as Divisional Director of Marine International Division

RFIB Group Limited, the international Lloyd’s insurance and reinsurance broker, today announces the appointment of Malcolm Gray as a Divisional Director of its Marine International Division. He takes up his position on September 1st.

Malcolm began his broking career at Anslow-Wilson & Amery and brings over three decades’ experience in the London insurance market to his new role. He joins from Alwen Hough Johnson’s Marine and Aquaculture team, having previously held senior positions with Benfield, J.H. Minet Reinsurance brokers and Bell Nicholson Henderson.

Jonathan Turnbull, Chief Executive Officer of RFIB, said: "We are very excited about Malcolm joining RFIB. He brings with him a successful and significant track record in the Marine Reinsurance and P&I sectors in both the London and International marketplaces. This will enable us to further develop an area of the business that is core to our growth over the coming years."


08.07.14 RFIB appoints Richard Dyke as Operations Manager of Non Marine International Division

RFIB Group Limited, the international Lloyd’s insurance and reinsurance broker, today announces the appointment of Richard Dyke as Operations Manager of their Non Marine International division. He takes up his position with immediate effect.

Richard brings over three decade’s experience in the London insurance market to his new role. He joins from Howden Insurance Brokers where as Head of Operations he was responsible for ensuring the efficient day to day management of its UK and overseas operations. In this position, he was also instrumental in the successful integration of its new teams and businesses. Prior to this, Richard held senior management roles at QBE Europe and Aon Benfield.

Jonathan Turnbull, Chief Executive Officer of RFIB said: “Appointing someone of Richard’s calibre and expertise to the vital role of Operations Manager is an indication of the scale of our ambitions for RFIB generally but also specifically for our Non Marine business. The continued expansion of our overseas office network and suite of specialist products demands a robust operational platform. With his vast managerial experience, combined with a proven ability to drive efficiencies and improve operational processes, Richard is the ideal candidate to ensure that we continue to have the best infrastructure in place to realise our goals.”

02.07.14 RFIB appoints Hassan El Kaissi as General Manager of RFIB Saudi Arabia

RFIB Group Limited, the international Lloyd’s insurance and reinsurance broker, today announces the appointment of Hassan El Kaissi as General Manager of RFIB Saudi Arabia, based in its Riyadh office.

Hassan brings over 20 years’ experience in the Middle East (re)insurance market to his new role. He joins from Zurich Insurance, where he served as Head of its Mid Market Segment in the Middle East representing a number of itsbranches throughout the region. Prior to this, Hassan served as Vice President, Sales & Marketing for Saudi United Cooperative Insurance and has also held management roles at AIG Saudi Arabia, Chedid & Associates and Red Sea Insurance.

Jonathan Turnbull, Chief Executive Officer of RFIB said: “The Middle East is a central part of our growth strategy and Hassan is the ideal candidate to spearhead the development and expansion of our Riyadh office. He brings a unique combination of local market knowledge and contacts, insurance expertise and an exceptional track record both in Saudi Arabia and across the Middle East. I am pleased to welcome him to RFIB.”

04.06.14 RFIB launches Financial Resources Policy

RFIB Group Limited (RFIB) today announces the launch of its Financial Resource Policy. The policy, which is led by an A-rated carrier, Ironshore Europe Limited, has been designed to provide FCA regulated organisations, such as (re)insurance brokers, with an innovative, secure and capital efficient method of ensuring that they meet the financial element of FCA’s Appropriate Resources Threshold Condition.

The regulator states that a financial institution must have sufficient capital reserves to manage its run-off should it become insolvent.  The Financial Resource Policy allows the business to free up the capital which would otherwise need to be put aside to meet the threshold condition.

In the event of a broker’s insolvency, the policy will pay for the fees of a third party provider to service the run-off. At inception of the policy the preferred provider, R&Q Insurance Services, will supplyan independent quote to administer the run-off to extinction. This quote is capped, meaning that R&Q will take responsibility for the run-off from the liquidator at a price up to, but not exceeding, their quote. The policy limit can be set accordingly. This ensures that the run-off is conducted in an orderly manner by a specialist provider, while reducing or removing altogether the need for the broker to set capital aside. It also allows brokers to demonstrate a robust contingency plan for their clients’ and markets’ long term servicing requirements.

Jonathan Turnbull, Chief Executive Officer of RFIB said “The new regulatory environment has placed significant pressure on brokers to demonstrate that they have more than adequate capital resources. RFIB has developed and launched this product in response to the genuine need that brokers have for a secure and capital efficient alternative means of ensuring that they meet the FCA’s requirements.”