RFIB parent reveals plan to double revenues by 2021

CCP TopCo, the holding company of re/insurance broker RFIB, plans to double its revenues to £100 million in the next three years through acquisitions, the addition of managing general agents (MGAs) and a captives businesses while rebranding the group to Risk Transfer Group (RTG).

Currently, the revenues at RTG (CCP TopCo) are approaching £50 million, and the company is expecting it to reach £100 million by 2021.

RTG said it intends to achieve the growth target through RFIB Group becoming a leading independent wholesale broker in its specialty fields.

Over the last couple of years, RFIB was growing at just above 10 percent compound annual growth rate despite soft market conditions, RFIB and RTG CEO Steven Beard told Intelligent Insurer. “We see the RFIB expansion predominantly coming through organic growth. We will look to add to our capabilities in terms of bringing individuals and teams into the business,” Beard added.

In order to achieve its target, the group will also make use of its Limehouse Agencies holding company, which was launched in January 2017, to both acquire and set up MGA’s and Captives businesses.

RTG is planning to announce a new acquisition in the next quarter and will create a UK captive management business later in 2018 to support its growth plans.

“In the MGA space, we see opportunities to serve both insureds and carriers through a combination of acquiring MGA businesses, and investing in talented entrepreneurial teams," Beard said. "Furthermore, we also see opportunities to use new technology to allow clients, particularly in the captive market, to self-insure with better terms. Our combination of independent broker, MGA and captive insurance solutions provides a range of distinct services to allow us to achieve the desired growth in the coming years,” Beard added.

In the MGA and captives space, RTG wants to initially focus on the UK and Europe. “When we have a product that is designed and is adding value to this market, we see them as having an international application out into Africa, Middle East and Far East,” Beard explained.

North America is also on RTG’s radar. “The big market in terms of English-speaking population is in North America and some of the new products that we are looking at at the moment we think have very exciting growth prospects that would really have a rocket boost if they had some applicability into North America. We hope to be announcing new initiatives over the course of this year,” Beard said.

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