RFIB – Everything you need to know
20 Gracechurch Street, London, England
£40.8 million (according to 2014 annual report)
| Size (employees)
| Global Locations
UK, USA, Saudi Arabia, Singapore, Hong Kong, Japan, Kazakhstan, Russia
| Underwriting Expertise
Marine and specialty insurance, marine treaty reinsurance, international treaty reinsurance
| Key People
CEO Reinsurance: Stephen Warwick
RFIB is a global insurance and reinsurance broker that is part of Risk Transfer Group Limited (RTG), an international insurance and reinsurance intermediary with broking and underwriting arms.
The company provides insurance and reinsurance solutions in underwriting, broking, and captive management. Its products and services are divided into three segments: marine, specialty, and London and global markets reinsurance.
RFIB’s marine products and services include cargo and specie, hull machinery and war risk, marine liability, personal accident and illness, ports and terminals, terrorism and political violence, yacht insurance, and marine treaty reinsurance.
The company’s specialty solutions focus on aviation, cyber risks, personal accident and illness, energy, political risk and trade credit, construction, financial lines, delegated underwriting, casualty, and property. Meanwhile, its London and global markets reinsurance division includes marine treaty reinsurance, international treaty reinsurance, captives, retrocession, agriculture, and RFIB advisory.
History of RFIB
RFIB was founded in 1980 to provide insurance and reinsurance solutions in broking, underwriting, and captive management.
In 2016, RFIB launched a membership service business that targets companies or organisations with large memberships. It provides insurance products for banks, professional organisations, credit card businesses, associations, and affinity groups.
In the same year, the company launched a transaction solutions division to provide insurance solutions that address liabilities incurred in the M&A process. Its products include warranty and indemnity, specific contingent liability, and specific tax liability. The company also entered an initial three-year outsourcing deal with IT Lab for end-to-end technology service as well as core infrastructure and operational systems support.
In 2017, the company launched Limehouse Agencies, a new managing general agent (MGA) that uses technology to provide services and products.
In 2020, Tysers acquired RFIB as part of its expansion into specialist insurance markets. Tysers expects the acquisition to enhance its expertise and product offering further and expand its presence across Asia, Australia, Europe, Bermuda, and the Middle East.
Leadership at RFIB
Stephen Warwick – CEO Reinsurance
Warwick has over 35 years of reinsurance experience. He started his career at Aon Group in 1980, where he held senior positions such as chief executive officer of Aon Re Australia, managing director for treaty in Asia-Pacific, and chief executive officer of Greater China for Aon Benfield.
In 2016, Warwick left Aon to establish Nine Merchants Re, a reinsurance company in Hong Kong. In February 2019, he became RFIB’s chief executive officer for reinsurance in Asia-Pacific.
Culture at RFIB
RFIB strives to promote diversity and inclusivity in the workplace by providing equal opportunities for its employees regardless of age, gender, race, religion, or disability.
RFIB gives full consideration to employment applications from people with disability, given that the applicant’s particular aptitudes and abilities are consistent with meeting the job requirements.
If an existing employee becomes disabled, the company retains the employment wherever applicable in the same or an alternative position. It also provides the appropriate training to help the employee adjust to their responsibilities.
As part of the company’s financial restructuring, RFIB employees could convert their existing shareholding and subscribe for further shares in the company. The company also issues partly paid shares to incentivise employee performance further.