CCP TopCo, the holding company of international insurance and reinsurance broker RFIB, has announced a rebrand of the business to the Risk Transfer Group (RTG).
In an interview with Reinsurance News today, Chief Executive Officer (CEO) Steven Beard underlined RTG’s relationship to RFIB, commenting, “The new brand is a functional name for the group, explaining the breadth of what we’re doing. But we respect the RFIB brand as it carries a certain history with it. RFIB will remain core to the business strategy, part of the engine driving dynamic growth.”
The move comes following the launch of a new strategy by RTG to increase revenue from approximately £50 million to £100 million by 2021.
Beard is quoted in the announcement today as saying, “We are delighted to announce the launch of the Risk Transfer Group and our plans to double revenues to £100 million by 2021. RFIB is currently outgrowing the market organically and RTG will allow us to complement our healthy growth in the broking sector through the addition of MGAs and a captive business.
“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.”
The firm 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.
“We want to build a position as a leading independent broker and expect half the growth to be delivered through the broking business at RFIB, with the other coming through the captives and MGA,” remarked Beard in discussion with Reinsurance News this morning.
In addition, the firm expects to use its Limehouse Agencies holding company to both acquire and set up MGA’s and Captives. Limehouse will also look to work alongside insurance technology start-ups (Insurtech’s) as it works to connect distribution with underwriting and capital.
Beard went on to highlight expansion into key markets as a strategic objective, “We’ve experienced double-digit growth in soft market conditions and have a good international footprint in Africa, Asia, the Far East. We’ve clearly got a presence in Bermuda, in terms of any relationships or innovation that comes out of that market.
“Some of the technology initiatives we access through the MGA could be used to access the US market in a lower risk way, where we don’t have as many feet on the ground.”
Accessing the U.S. market more meaningfully could be a significant driver of growth for the firm and using technology to do so is an efficient way to gain share, without needing to establish such large teams of people on the ground.
“We’ll look to acquire or invest where it can accelerate access to capability or markets, where it would take too long to do it ourselves. Or equally investing in new teams, where they believe in what we believe in and can bring knowledge or expertise and recognise they can be more successful within Risk Transfer Group than their current employer,” Beard explained.
“We believe you can create opportunities in the value chain where all participants can win and as an intermediary if you can’t create solutions that benefit all sides you’re not doing the right thing.”