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.”