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)
- 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.”