Limehouse Agencies, the MGA business of Risk Transfer Group (RTG), has acquired Dublin-based specialist marine underwriting agency and Lloyd’s coverholder Corporate Underwriting Limited (CUL).
RTG, which is the recently rebranded holding company of independent wholesale broker RFIB, said that the acquisition forms part of the strategy it unveiled last month to double revenues to £100mn by 2021.
CUL is a leader in the specialist marine insurance market in Ireland and has a distribution network of over 100 retail brokers.
Following the transaction, Myles O’Brien, founder and managing director of CUL, will continue to lead the business, which RTG said it intends to grow.
Commenting on the deal, RTG CEO Steven Beard 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 £100mn 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.”