RFIB Holdings, the international Lloyd’s insurance and reinsurance broker, announced that it has agreed terms with Calera Capital, a private investment firm with offices in San Francisco and Boston, for the sale of a majority share in the business.

The deal is subject to shareholder and regulatory approval and will see the management and employees of RFIB led by Jonathan Turnbull, CEO, retain a significant equity stake in the business.

As part of Calera’s investment, Dennis Mahoney will join as Executive Chairman, subject to FCA approval.

Jonathan Turnbull said, "I am delighted to announce that we have agreed terms with Calera Capital. 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.

"To realise our strategy we recognised that it was essential to secure a partner which would provide the necessary backing to take RFIB to the next stage in its development.

"The team at Calera Capital share our vision for the business and with their support we are now ideally positioned to realise our ambitions. This is a tremendous milestone in the history of RFIB and we look forward to a long and mutually beneficial relationship with Calera Capital."

Mark Williamson, Managing Partner of Calera Capital, added. "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 realise the substantial potential of this high quality enterprise."