RK Harrison, the London-based wholesale and reinsurance broker with an office in Bermuda, has delivered its 15th successive year of growth in both revenue and underlying profit.
For the year ended June 30, 2014, its turnover increased by 8 percent to £124.6 million, compared with £115.4 million in 2013. Its profit before tax jumped 13 percent to £34 million, compared with £30 million in 2013.
The broker said that the solid results were driven predominately by organic growth and were achieved despite a strengthening of sterling against the US dollar during the year, which had an adverse effect on the results as compared to the prior year.
Paul Bridgwater, chief executive officer of RKH, said: “The strength of these results reflects the continued success of our employee ownership model, which attracts, retains and rewards the most entrepreneurial individuals for their contribution to the future growth of the firm, linking success for clients with our own.
“The merger with Hyperion enhances this approach with the added benefits of greater scale, expanded expertise and significant geographic reach. Crucially, Hyperion also share our commitment to an entrepreneurial culture and our approach to employee ownership. 2014 was another record year, but the future looks even more exciting for RKH, our clients and our employees.”
RK Harrison, Bermuda, Reinsurance, Europe, Paul Bridgwater