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.”
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.
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.
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.