Review will explore ‘full range of options’

Lloyd’s broker RFIB has hired Fenchurch Advisory Partners to conduct a strategic review of the company.

RFIB chief executive Jonathan Turnbull said the broker is conducting the review “with our future growth in mind” and that the review would explore “the full range of options so as to enable the group to take maximum advantage of likely developments in the Lloyd’s and international insurance markets”.

The appointment of Fenchurch follows the completion of an internal restructuring programme, which Turnbull said implemented “a range of initiatives that are already beginning to have a positive impact on the business and I believe will facilitate our expansion”.

RFIB announced the review alongside its results for the year to 31 December 2013.

The company’s profit before tax more than tripled to £4.3m (2012: £1.3m).

But revenue was almost flat at £41.4m (2012: £41.1m) and earnings before interest, tax, depreciation and amortisation was flat at £3.5m.

Turnbull said the results came amid difficult trading conditions.

He said: “Market conditions remain soft as a result of an over-supply of capital from investors in search of non-correlated returns and higher yields. As a result, the external operating and competitive environment continues to be challenging and uncertain.

“However, with all the work which has been undertaken over the past two years, I feel confident about RFIB’s prospects for growth based on an increased focus on speciality lines of business, backed by a scalable efficient administrative platform, supported by a strong governance and internal control framework.”