Limehouse Agencies, part of Risk Transfer Group Limited (RTG), has announced that 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 target to double revenues to £100mn 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, a leading independent Lloyd’s broking business.
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 said: “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.”