Independent wholesale broker RFIB has set a target to more than double its revenues to £100mn ($134.5mn) by 2021 under new chief executive Steven Beard.

The statement of intent, which comes as the broker’s owner CCP TopCo - which is backed by private equity firm Calera Capital - rebrands its group holding business to Risk Transfer Group, is a stark marker to the remaining independent intermediaries- the ranks of which have been depleted in recent years by persistent M&A.

Beard, who took up the helm at the beginning of this month after a short stint as CCP TopCo finance head, outlined his strategy to bolster the firm’s strong organic revenue growth with a push into the MGA and captive servicing markets.

Speaking to re-Insurance.com, the executive said the ambitious targeted revenue growth would be split roughly evenly between RFIB’s core broking arm and the new initiatives in MGAs and captives- with a particular geographic focus on the Middle East, Africa, Asia and Bermuda.

But he said the firm was not looking to enter the London broker M&A fray with “transformational acquisitions”, but that it was “encouraged” by the high quality capital which had entered the space in recent months with the acquisitions of SSL/Endeavour and Tysers by JC Flowers and Integro respectively.

RFIB was involved in the sale process for Tysers last year, but the company ultimately went with Integro.

“RFIB is currently outgrowing the market organically and RTG will allow us to complement our healthy growth in the broking sector through the addition of MGAs and a captive business” he said.

“In the MGA space, we see opportunities to serve both insureds and carriers though a combination of acquiring MGA businesses, and investing in talented entrepreneurial teams.”

However, Beard added that the broker would continue to focus on “underserved markets” in which it has a strong presence, and that it isn’t attempting to take on the North American P&C market which remains dominated by the ‘Big Three’ of Willis Towers Watson, Marsh and Aon.