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Randall & Quilter Ld (RQIH)

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Wednesday 08 December, 2021

Randall & Quilter Ld

Q3 Program Management Update

RNS Number : 8930U
Randall & Quilter Inv Hldgs Ltd
08 December 2021
 

 

 

Randall & Quilter Investment Holdings Ltd.

 

Q3 Program Management Update

 

GWP grows by over 80% to $714 million for the first nine months of 2021

 

8 December 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 Program Management business for the first nine months of the year, ending 30 September 2021.

 

Highlights

 

· Gross Written Premium ('GWP') of $714 million (Q3 2020: $395 million), an 81% increase

 

· Fee Income of $39 million (Q3 2020: $16 million), a 138% increase

 

· 70 programs (Q3 2020: 39 programs), a 31 program increase

 

Post period-end developments

 

· Through 30 November 2021, five new programs were added, bringing the total number of programs to 75, and increasing Contracted Premium to over $2 billion

 

William Spiegel , Executive Group Chairman, commented: "We are pleased to report another strong quarter of growth in our Program Management business. Our pipeline of opportunities remains robust, and we remain focused on developing strategic partnerships with leading MGAs, highly-rated reinsurers and the ILS markets in both Europe and the US."

 

Notes:

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

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

 

Ends

 



Enquiries to:

 

Randall & Quilter Investment Holdings Ltd


William Spiegel

Tel: +1 917-826-5877

Tom Solomon 

Tel: +1 917-597-8783

Alan Quilter  Tel: 020 7780 5960

 

Numis Securities Limited (Nominated Advisor and Joint Broker)

Stuart Skinner / Giles Rolls 

Tel: 020 7260 1000

Charles Farquhar 

 

Barclays Bank PLC (Joint Broker)

Mark Astaire

Milan Solanki

Tel: 020 7260 1000

 

 

Tel: 020 7632 2322

Tel: 020 7632 2322



FTI Consulting

Tom Blackwell

 

Tel: 020 3727 1051


 

 


Notes to Editors:

 

About R&Q 

 

R&Q is a non-life global specialty 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 non-life insurance portfolios. Program Management generates commission income from its licensed (and rated) carriers in the US, EU and the UK, writing profitable program business, largely on behalf of highly rated reinsurers.

 

Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94

 

Website: www.rqih.com

 

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