Randall & Quilter Inv Hldgs Ltd Program Management Update (8263G)
29 July 2021 - 4:00PM
UK Regulatory
TIDMRQIH
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: +1 917-826-5877
Numis Securities Limited (Nominated Advisor and Joint Broker)
Stuart Skinner Tel: 020 7260 1000
Charles Farquhar Tel: 020 7260 1000
Barclays Bank PLC (Joint Broker)
Mark Astaire Tel: 020 7632 2322
Milan Solanki 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 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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END
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