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(Sharecast News) - Speciality insurance company Randall & Quilter updated the market on its programme management business for 2020 on Monday, reporting a 46% increase in gross written premiums to $538.9m (£385.04m).
The AIM-traded firm reported economic commission revenue of $22.7m for the year ended 31 December, an increase of 76%.
It contracted 18 new programmes during the period, bringing the total number of active programmes to 48 and increasing contracted premiums by 52% to $1.28bn.
The company also entered the United States excess and surplus programme management market in the fourth quarter.
"In 2020, our programme management business trading under the 'Accredited' banner continued its strong growth," said chief executive officer Alan Quilter.
"Our brand and growing reputation in Europe and the US is affording us many opportunities and, with our strong underwriting teams in place across many sectors we look forward to further growth in 2021.
With the launch of our US excess and surplus capability in 2020, Accredited is now a comprehensive programme management solutions provider in all its markets."
At 0831 GMT, shares in Randall & Quilter Investment Holdings were up 1.91% at 187p.
30 May 2022 17:59
IN BRIEF: Randall & Quilter Investment rises on strong performance
Randall & Quilter Investment Holdings Ltd - Bermuda-based specialty non-life insurance company with Program Management and Legacy Insurance businesses - Says it continues to be "excited by the strong growth we are seeing in our Program Management business". For three months to March 31, reports gross written premiums of USD370 million, up sharply from USD193 million a year ago. Looking ahead, Randall & Quilter on track to deliver USD1.75 billion of gross written premium in 2022.
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