Holcroft targets next tier for RFIB
LLOYD’S broker RFIB Holdings is keen to propel itself into the next tier of brokers and believes it has the structure and backing to do so.The privately owned international insurance and reinsurance broker revealed its operating revenue for the 2007-08 financial year had increase 12% to £34m ($50.5m), contributing to a 44% jump in pre-tax profit to £4.4m.However, RFIB chief executive, Patrick Holcroft, said he was confident the firm could grow into a “£50m to £75m broker”.Such middle-tier brokers are often ignored, Holcroft said, although he added that being such a size gave access to what he described as “fertile ground”.RFIB’s performance in the last financial year came on the back of a structural and ownership revamp in the summer of 2007.