Calera to take majority share in RFIB

Private investment firm Calera Capital is set to take a majority share in Lloyd’s re/insurance broker RFIB.

Subject to shareholder and regulatory approval, the transaction will see the management and employees of RFIB led by Jonathan Turnbull, chief executive officer (CEO), retain a significant equity stake in the business.

As part of Calera’s investment, Dennis Mahoney will join as executive chairman. He will also invest “substantial funds” into the business.

Mahoney, who currently serves as a director at the investment firm, has previously served as CEO of Aon.

Turnbull said: “I am delighted to announce that we have agreed terms with Calera Capital. Over the past three years we have built a highly scalable business which we will grow by developing our existing specialty offering and investing in new teams and businesses. Our status as an independent specialist Lloyd’s broker is central to the achievement of our vision for RFIB.

“To realise our strategy we recognised that it was essential to secure a partner which would provide the necessary backing to take RFIB to the next stage in its development. The team at Calera Capital share our vision for the business and with their support we are now ideally positioned to realise our ambitions. This is a tremendous milestone in the history of RFIB and we look forward to a long and mutually beneficial relationship with Calera Capital.

Mahoney added: “I am honoured to have been invited to join Jonathan and his colleagues at RFIB. I believe many clients and indeed underwriters regard the ongoing success of a high quality independent broker as essential for a healthy market offering genuine options. In addition to fulfilling the role of executive chairman, I am investing substantial funds of my own to support the continued successful growth of RFIB.”