Limehouse Agencies, the MGA subsidiary of RFIB’s Risk Transfer Group Limited (RTG), has announced the acquisition of Corporate Underwriting Ltd (CUL), a specialist marine underwriting agency and Lloyd’s coverholder.
The acquisition of the Dublin-based CUL forms part of RTG’s (formerly CCP TopCo) new corporate strategy, which was outlined in May 2018 and aims to increase revenue from approximately £50 million to £100 million by 2021.
RTG will now gain access to CUL’s distribution network of over 100 retail brokers in Ireland, through which it provides a range of marine cargo and related products.
Following the transaction, RTG will to continue to grow the CUL business under the leadership of its founder and Managing Director, Myles O’Brien.
Steven Beard, Chief Executive Officer (CEO) at RTG, said: “Corporate Underwriting Ltd is a leader in the Irish marine market and it has an excellent reputation for providing flexible, tailored solutions for brokers and clients which are competitively priced.
“This is the first step in our growth strategy to double our revenues to £100 million in the next three years establishing MGAs and captive businesses and by outgrowing the market on the broking side through RFIB. It is an exciting time for RTG and I am delighted to welcome Myles and his team to the business.”
O’Brien added: “This is a fantastic marriage of international expertise and local know-how. We’re incredibly excited about the future opportunities this presents for the Irish market. We look forward to working closely with RTG in delivering outstanding products and services to our brokers and clients.”