R&Q programme management performance surges

(Sharecast News) - Non-life specialty insurance company R&Q Insurance updated the market on the progress in its programme management business for the nine months ended 30 September on Monday.

The AIM-traded firm said gross written premiums were 83% higher year-on-year at $1.3bn.

Programme fee income, meanwhile, was 100% firmer than the same period last year, at $60m.

"Our programme management business exhibited strong year-over-year growth as we continued to expand the depth and breadth of our MGA partnerships through the first nine months of 2022," said executive group chairman William Spiegel.

"Our team continues to find new and unique ways to meet the needs of our MGAs and reinsurance partners, as demonstrated in our recently announced multi-year transaction with Inperio.

"Additionally, I am pleased to report that our growth is broad-based with all three of our platforms - US admitted, US non-admitted, and Europe - growing gross written premiums and fee income.

"Looking forward, our pipeline of new MGA opportunities remains strong."

At 1010 GMT, shares in R&Q Insurance Holdings were up 6.41% at 77.68p.

Reporting by Josh White for Sharecast.com.