Lloyd's broker sees 12 month profits and revenue rise

RFIB, the Lloyd’s insurance and reinsurance broker, has reported that operating revenue for the 12 months to 30 June 2008 increased by 12% to £34m (2007: £30.4m).

Profit before tax for the same period increased by 44% to 4.4m (2007: £3.1m).

RFIB said the audited financial statements for 2007 were for a 15 month period to 30 June 2007 and have been restated on a time apportioned basis for the purposes of comparability.

Patrick Holcroft, chief executive of RFIB, said: “The results demonstrate a most successful year for RFIB. The increase in Group operating revenues, despite the impact of the weakness of the US dollar against sterling, reflects both the contribution of new teams and the organic growth we have achieved within the Group’s Marine, Non Marine and North American divisions.

“At the same time, during the last 12 months we have strengthened our operating, finance and administration base, so further underpinning the long-term strength of RFIB’s proposition. This means we are well positioned to take advantage of opportunities that inevitably present themselves in the current economic climate.

“We believe that over the next twelve months our business will continue to grow strongly, and look forward to 2009 with excitement and optimism.”