Limehouse Agencies, part of Risk Transfer Group Ltd. (RTG), announced it has acquired Corporate Underwriting Ltd. (CUL), a specialist marine underwriting agency and Lloyd’s coverholder.
The acquisition of Dublin-based CUL by Limehouse Agencies forms part of RTG’s new corporate strategy announced in early May 2018, when it stated its plan to double revenues to £100 million ($134 million) by 2021. CUL is a leader in the specialist marine insurance market in Ireland and has a high-quality distribution network of over 100 retail brokers.
Myles O’Brien, founder and managing director of CUL, will continue to lead the business, which RTG intends to grow. RTG also includes RFIB Group, an independent Lloyd’s broking business.
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“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,” said Steven Beard, chief executive officer of RTG.
“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 [London-based Lloyd’s broker],” Beard added.
Risk Transfer Group Ltd. (RTG), previously known as CCP TopCo, is the newly named holding company of RFIB Group Ltd. and Limehouse Agencies. It was set up in May 2015 and is registered in Jersey, in the Channel Islands.
Source: Limehouse Agencies/Risk Transfer Group Ltd. (RTG)
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