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22 May 2012

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RFIB restructures after bad debt weighs on 2011 results

11 January 2012

London-headquartered (re)insurance broker RFIB has initiated steps to overhaul its underperforming business after its 2011 results were weighed down by the discovery of £1.5mn of bad debt.

Publishing its results for the year ending 30 June 2011, the company unveiled the "unwelcome surprise" of a £1.5mn hit due to a bad debt provision.

The discovery was made after an investment in IT infrastructure and data management provided management with information on the "aged nature" of certain insurance debtor accounts, forcing...

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