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RFIB agrees terms for sale of majority stake to Calera Capital

  • Terms agreed for the sale of a majority share in RFIB Holdings Limited to Calera Capital
  • Management and employees to retain a significant equity stake
  • Dennis Mahoney, former CEO of AON UK, to join as Executive Chairman
  • Business well positioned to grow organically and through acquisitions

RFIB Holdings Limited, the international Lloyd’s insurance and reinsurance broker, is pleased to announce that it has agreed terms with Calera Capital, a private investment firm with offices in San Francisco and Boston, for the sale of a majority share in the business. The deal is subject to shareholder and regulatory approval and will see the management and employees of RFIB led by Jonathan Turnbull, CEO, retain a significant equity stake in the business.  As part of Calera’s investment, Dennis Mahoney will join as Executive Chairman, subject to FCA approval.

Jonathan Turnbull said, “I am delighted to announce that we have agreed terms with Calera Capital. Over the past three years we have built a highly scalable business which we will grow by developing our existing specialty offering and investing in new teams and businesses. Our status as an independent specialist Lloyd’s broker is central to the achievement of our vision for RFIB.

“To realise our strategy we recognised that it was essential to secure a partner which would provide the necessary backing to take RFIB to the next stage in its development.  The team at Calera Capital share our vision for the business and with their support we are now ideally positioned to realise our ambitions. This is a tremendous milestone in the history of RFIB and we look forward to a long and mutually beneficial relationship with Calera Capital.

I would also like to thank Fleming Family Partners for their support in building the solid foundations from which to begin the next phase of the company’s growth.”

Dennis Mahoney said, “I am honoured to have been invited to join Jonathan and his colleagues at RFIB. I believe many clients and indeed underwriters regard the ongoing success of a high quality independent broker as essential for a healthy market offering genuine options. In addition to fulfilling the role of Executive Chairman, I am investing substantial funds of my own to support the continued successful growth of RFIB.”

James Halow, a Managing Director, at Calera Capital, said, “RFIB has a strong brand, a long track record of executing for its clients and an attractive, scalable infrastructure to support future growth.  As an independent specialty broker we see tremendous opportunities to build the business further in what is a rapidly evolving market.  The belief of the management team in the future prospects of the business is evidenced by the considerable investment they are rolling forward into the transaction.”

Mark Williamson, Managing Partner of Calera Capital, added.  “We are delighted to be partnering with Dennis, Jonathan and the RFIB team, and are committed to supporting them with the capital and resources needed to realise the substantial potential of this high quality enterprise.”

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