Limehouse Agencies, part of Jersey-registered Risk Transfer Group (RTG), has bought Dublin, Ireland, based Corporate Underwriting Ltd. (CUL), a specialist marine underwriting agency and Lloyd’s coverholder.
RTG said that the acquisition of CUL formed part of RTG’s new corporate strategy, announced early in May 2018, when it stated its plan to double revenues to £100m by 2021. CUL has more than 100 retail brokers on its books.
CUL founder and MD Myles O’Brien will continue to lead the business. RTG also includes independent Lloyd’s broking business RFIB Group.
RTG chief executive Steven Beard said that the move was “the first step in our growth strategy to double our revenues to £100m in the next three years establishing MGAs and captive businesses and by outgrowing the market on the broking side through RFIB.”
RTG, previously known as CCP TopCo, is the newly named holding company of RFIB Group and Limehouse Agencies. It was set up in May 2015.