Insurance and reinsurance broker RFIB Group Limited said it has restructured its capital base through a management buyout from retired shareholders and the introduction of FF&P Private Equity (FPE), the private equity division of Fleming Family & Partners, as an independent financial investor. The transaction is subject to regulatory and other approvals.

The London-based firm said that following the restructuring employees will retain a majority stake in the business while FPE will acquire a significant minority position. FPE is also prepared to make further capital resources available to RFIB in order to fund the expansion of the business.

As part of the restructuring, Lord Robin Hodgson, who successfully built up Granville plc, a specialist investment bank, has been asked to join the board as nonexecutive chairman after the deal is completed. He is also investing alongside the existing management.

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