Stephens to retire from Lifetime

Lifetime Group founder and chief executive Warren Stephens has announced that he will retire at the end of March next year.

He says that during his 21 years with the company he has overseen 70 book and business acquisitions and grown the firm from 14 people to more than 110. Revenue has grown from $2 million in 1999 to around $20 million now.

Life insurance makes up 60% of the business and fire and general accounts for around 15%. The balance is split between mortgages and investments.

Stephens says he has "mixed feeling about the decision."