R&Q Insurance Holdings Ltd Q2 2022 Program Management Update (1706V)
08 August 2022 - 4:00PM
UK Regulatory
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RNS Number : 1706V
R&Q Insurance Holdings Ltd
08 August 2022
R&Q Insurance Holdings Ltd.
Q2 2022 Program Management Update
GWP grows by over 80% to $807 million for the first half of
2022
8 August 2022
R&Q Insurance 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 six months of the year ending 30 June 2022.
Highlights
-- Gross Written Premium ('GWP') of $807 million (H1 2021: $445 million), an 82% increase
-- Program Fee Income of $39 million (H1 2021: $19 million), a 105% increase(1)
-- 75 programs (YE 2021: 69 programs), an increase of 6 programs
-- Continued to expand MGA network and partnerships:
o Post period-end, two new programs were approved, and we agreed
to add $100 million to our existing partnership with Corvus
Insurance
o Hosted inaugural European and US MGA forums with hundreds of
attendees and leading MGAs from the US, UK, and Europe
William Spiegel , Executive Group Chairman, commented:
"Our Program Management business produced another very strong
period of growth in the first half of 2022. All three of our
platforms (US Admitted, US Non-Admitted, and Europe) grew GWP and
Fee Income relative to the year-ago period. Our pipeline of
additional MGA partnerships and growth opportunities remains robust
as our R&Q Accredited franchise continues to grow its
reputation with both MGAs and reinsurers as a leading place to do
business. This is reflected in the additional number of scale
partnerships we have signed in the first half of 2022. Since the
end of the first quarter, we also held inaugural MGA forums in the
US and Europe where our Program Management partners met, exchanged
ideas, heard from industry experts, and forged new business
opportunities. This is just one of the ways in which we are
building a differentiated proposition relative to peers.
"Additionally, despite rising interest rates and volatile
financial markets, we note that our investment portfolio is well
positioned with our assets significantly shorter in duration than
our liabilities and over 95% comprising liquid, investment grade
fixed income securities and cash. Our portfolio has not experienced
any credit impairments."
Notes:
1. Program Fee Income is on a written basis and excludes our
share of earnings from minority stakes in MGAs.
Ends
Enquiries to: Randall & Quilter Investment Holdings Ltd
William Spiegel Tel: 0207 780 5850
Tom Solomon Tel: 0207 780 5850
Alan Quilter Tel: 020 7780 5960
Numis Securities Limited (Nominated Advisor and Joint Broker)
Giles Rolls Tel: 020 7260 1000
Charles Farquhar Tel: 020 7260 1000
Barclays Bank PLC (Joint Broker)
Nish Amin Tel: 020 7632 2322
Chris Madderson 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 highly complementary, businesses: Program Management
and Legacy Insurance. Both of 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
niche and profitable program business, largely on behalf of highly
rated reinsurers.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
Website: www.rqih.com
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