Calera Capital, a middle-market private equity firm, has acquired a majority stake in the independent international insurance and reinsurance broke, Robert Fleming Insurance Brokers (RFIB), for undisclosed amount.


Under the terms of the deal, management and employees will retain a significant equity stake in RFIB, which will be led by Jonathan Turnbull, CEO.

The acquisition, which represents Calera’s tenth investment from Fund IV, is a part of Calera’s plan to partner with founders and management teams to strengthen businesses over the longer-term.

Jonathan Turnbull said: "Over the past three years, we have built a highly scalable business which we will grow by developing our existing specialty offering and investing in new teams and businesses.

"Our status as an independent specialist Lloyd’s broker is central to the achievement of our vision for RFIB.

"The team at Calera Capital share our vision for the business and with their support we are now ideally positioned to realize our ambitions."

The deal is a part of RFIB’s effort to secure a partner which would provide funding to help to move to the next stage in its development.

Additionally, Dennis Mahoney, a former Aon UK CEO, will join Calera as executive chairman.

RFIB expects the sale to help develop the growth by developing existing offerings, as well as investing in new teams and businesses, according to Capital Law.

Calera Capital managing partner Mark Williamson said: "We are delighted to be partnering with Dennis, Jonathan and the RFIB team, and are committed to supporting them with the capital and resources needed to realize the substantial potential of this high quality enterprise."

Image: The acquisition of RFIB represents Calera’s tenth investment from Fund IV. Photo: courtesy of adamr /