Program Management Update

RNS Number : 8263G

Randall & Quilter Inv Hldgs Ltd

29 July 2021

 

Randall & Quilter Investment Holdings Ltd.

Program Management Update

Contracted Premium Reaches $1.8 billion with 67 Programs

29 July 2021

Randall & Quilter Investment Holdings Ltd, (AIM-RQIH) ("R&Q"), the leading non-life global specialty insurance company focusing on Program Management and Legacy Insurance businesses, announces a performance update for its Accredited Program Management business for the first six months of the year, ending 30 June 2021.

H1 2021 highlights

· Gross Written Premium of $445 million (H1 2020: $247 million), an 80% increase

· Fee Income of $25.2 million (H1 2020: $10.7 million), a 135% increase

· 60 programs (H1 2020: 36 programs), a 24 program increase

o  13 programs added in H1 2021

· Contracted Premium of $1.6 billion (H1 2020: $925 million), a 74% increase

Post period end developments

· In July 2021, Accredited added 7 new programs, bringing the total number of programs to 67, increasing the Contracted Premium to $1.8 billion. 

William Spiegel , Executive Group Chairman, commented: "We are pleased to report continued strong momentum and growth in our Program Management business, having achieved profitability for the first time in 2020. We look forward to presenting a more detailed update at our interim results in September."

Notes:

1.  Fee Income represents Program Fee Revenue and our share of earnings from minority stakes in MGAs.

2.  Contracted Premium for Program Management is the Gross Written Premium that our distribution partners believe their programs will generate over a period of time. We expect a significant portion of Contracted Premium to become Gross Written Premium.

Ends

Enquiries to: Randall & Quilter Investment Holdings Ltd William Spiegel Tel: [phone] Numis Securities Limited (Nominated Advisor and Joint Broker) Stuart Skinner  Tel: [phone] Charles Farquhar  Barclays Bank PLC (Joint Broker) Mark Astaire Milan Solanki Tel: [phone] Tel: [phone] Tel: [phone] FTI Consulting Tom Blackwell Tel: [phone]

Notes to Editors:

About R&Q 

R&Q is a non-life global speciality insurance company operating two core, highly complementary, businesses: Program Management and Legacy Insurance. Both these businesses are leaders in markets with high barriers to entry and significant growth opportunities. Legacy Insurance generates profits and capital extractions from expert management of legacy no-life insurance portfolios. Program Management generates commission income from its licensed (and rated) carriers in the US, EU and the UK, writing niches and profitable program business, largely on behalf of highly rated reinsurers.

Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94

Website: www.rqih.com

 

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