Right Choice Insurance Brokers Ltd. (RCIB), part of Lucida Group, today announced that Chief Underwriting Officer, Mike Joseph, will retire at the end of March, 2026. His successor will be announced imminently.
Mike, who founded the business in 2008, will depart day-to-day operations while remaining the largest shareholder in Lucida Group.
The former Lucida Group CEO started his journey in the insurance industry aged 16 with LV. He moved on to hold senior roles at 1st Quote Insurance and Allen & Allen Group, before forming Right Choice Insurance Brokers Ltd in 2008. RCIB won several business awards in its early years and was recognised by the Financial Times, as one of the fastest growing businesses in Europe.
In 2018, RCIB achieved over £100m GWP (£10m EBITDA) thanks to industry-leading loss ratios. This success facilitated the sale of a stake in the business to LDC, forming the Lucida Group with Mike as CEO. The Group then embarked on an M&A strategy, acquiring best-in-class businesses such as Bennetts Insurance.
Mike is very proud of what the team has achieved: “We started the company with just four employees and built a successful business with an enviable reputation. Now, after almost 40 years, it’s time to step back.
“I am delighted to be handing over my CUO role to a highly respected individual within the industry to build on our current success. I sincerely thank all our employees - past and present – and our professional partners for their support on this amazing journey”
Ian Owen, Lucida Group Chairman, said “I would like to thank Mike Joseph, RCIB’s founder and Chief Underwriting Officer, for the underwriting framework and consistent performance he has established over many years. His contribution has been fundamental to the business, and he will continue to support a structured transition.”
