Last checked at 
(Sharecast News) - Non-life specialty insurance company Randall & Quilter reported a pretax operating loss of $23.5m in its first half on Monday, with that loss reduced to about breakeven when including two signed legacy insurance transactions with $23m of underwriting profit that was expected to close in the second half.
The AIM-traded company reported programme management gross written premium of $890m for the six months ended 30 June, and fee income of $50m on an annualised basis, making for increases of 80% and 135% year-on-year, respectively.
Programme management pretax operating profit totalled $20m on an annualised basis, compared to $1.6m a year earlier, while its pretax operating profit margin improved to 40% from 7.5%.
Randall & Quilter increased its programme management gross written premium target to $1.75bn for the 2021 financial year, from a previous $1.5bn.
Legacy insurance completed eight transactions in the period, while the legacy insurance pipeline was over $1bn of reserves, as the board noted that historically around 70% of transactions completed in the second half.
The board noted that it had changed its reporting currency to dollars for the 2021 fiscal year.
It declared an interim dividend for the first half of 2p per share, and reiterated its progressive dividend policy of growing the dividend from 4p per share in the 2020 period.
Since the period ended, looking at the third quarter Randall & Quilter said its programme management business added eight new programs in July and August, increasing its contracted premium to around $1.8bn.
Legacy insurance completed its first insurance business transfer in Oklahoma between two unaffiliated parties in the third quarter as well, opening up a new avenue for United States legacy business.
"We remain in the enviable position of being market leaders in specialised insurance markets with favorable market conditions and strong competitive moats around our businesses," said executive chairman William Spiegel.
"To take advantage of these conditions, we are relentlessly pursuing our previously articulated five-year strategy of being a 'capital efficient, fee-oriented and data-driven company'."
Spiegel said that inevitably, change was difficult and could not be achieved without engagement and partnership from the company's employees, and the support of its board of directors and shareholders.
"As the expression goes, 'there is no I in team'; business is a team sport and R&Q has an outstanding and motivated team."
At 1132 BST, shares in Randall & Quilter Investment Holdings were up 0.93% at 162p.
22 Aug 2022 19:05
R&Q Insurance Executive Chair Spiegel receives more backing
(Alliance News) - R&Q Insurance Holdings Ltd received another key vote of confidence on Monday, after a shareholder backed the insurer's boss, a new board appointment, and plans to name an independent non-executive chair.
Read more