RQIH.L Share News (RQIH)

(Sharecast News) - Specialty non-life insurer Randall & Quilter updated the market on its performance in the March quarter on Monday, reporting a 92% increase in gross written premiums year-on-year, to $370m.

The AIM-traded firm said programme fee income was 125% higher year-on-year at $18m, while its number of programmes was seven more than at the same time last year, to reach 76.

During the first quarter, Randall & Quilter said it established "significant" multi-year strategic partnerships, signing a five-year agreement with First Underwriting, targeting £1bn in gross writer premiums.

After the end of the period, it agreed a six-year deal with Policy Expert, targeting gross written premiums of £2bn.

"We continue to be excited by the strong growth we are seeing in our programme management business, and I am pleased to report another excellent quarter," said executive chairman William Spiegel.

"We have established ourselves as a leading player in both the US and Europe and this is reflected in the long-term partnerships we have been able to sign with highly regarded managing general agents, including two multi-year agreements targeting combined premiums in excess of £3bn.

"As we recently updated, programme management remains on track to deliver $1.75bn of gross written premium in 2022."

At 1127 BST, shares in Randall & Quilter Investment Holdings were up 6.29% at 94.7p.

Reporting by Josh White at Sharecast.com.