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(Sharecast News) - Non-life specialty insurance company Randall & Quilter updated the market on its accredited programme management performance for the first six months of the year on Thursday, reporting 80% growth in gross written premiums to $445m.
The AIM-traded firm said its fee Income for the six months ended 30 June totalled $25.2m, making for an increase of 135%.
A total of 60 programmes were in place at the end of the first half, which was a 24 programme increase year-on-year, with 13 programs added in the six-month period.
Contracted premiums came in at $1.6bn, which was 74% higher year-on-year.
Since the period ended, Randall & Quilter said its accredited operations added seven new programmes, bringing the total number of programmes to 67, increasing the contracted premium to $1.8bn.
"We are pleased to report continued strong momentum and growth in our programme management business, having achieved profitability for the first time in 2020," said executive group chairman William Spiegel.
"We look forward to presenting a more detailed update at our interim results in September."
At 1437 BST, shares in Randall & Quilter Investment Holdings were up 1.54% at 165p.
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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