THB, the Lloyd's and international broker, today announced record results and an £11m acquisition.
Its purchase of fleet insurance and risk management specialists Rarrigini & Rosso Group doubles the size of its motor fleet business and takes THB out of the London Market with a dedicated wholesale business.
Following the acquisition the group expects to place £120m of fleet premium a year.
Rarrigini & Rosso Ltd will become THB Risk Solutions Ltd and Rarrigini & Rosso Group will become THB Risk Management Ltd, which will include the Active Risk Management business operations.
Rarrigini & Rosso is based in Peterborough. It has built leading commercial fleet scheme FleetUk since its establishment in 1995.
THB's turnover increased 49% in the year to 30 April to £22.9m with profit before tax and goodwill up 22% to £4.2m.
The results follow THB's flotation on AIM in October last year and the acquisition in December of TL Clowes.
The group's earnings per share were 10.03p, down from 2002's 13.34p reflecting funds raised by the flotation which are yet to be invested and seasonality in TL Clowes' business.
THB chairman Vic Thompson said the results showed the effectiveness of developing a mix of niche insurance broking businesses.
He said: "R&R is both a major investment and an exciting acquisition for THB.
"I am particularly enthused about this development given the impact of prospective legislation which will further increase the demand for fleet and health and safety risk solutions."
