RTG takes first step towards captive growth plans through acquisition
Risk Transfer Group subsidiary Limehouse Agency has acquired Corporate Underwriting Limited (CUL), a specialist marine underwriting agency and Lloyd's coverholder.
The acquisition of Dublin-based CUL is part of RTG's corporate strategy to double its revenues to £100 million by 2021, establishing MGAs and captive businesses as well as developing its Lloyd's broking business through RFIB.
Myles O’Brien, founder and managing director of CUL, will continue to lead the business, which RTG intends to grow.
Steven Beard, CEO of 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.”
RTG will be creating a UK captive management business later in 2018 to support its growth plans.