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29 Jul 2021 07:00
Randall & Quilter Investment Holdings Ltd.
Program Management Update
Contracted Premium Reaches $1.8 billion with 67 Programs
29 July 2021
Randall & Quilter Investment Holdings Ltd, (AIM-RQIH) ("R&Q"), the leading non-life global specialty insurance company focusing on Program Management and Legacy Insurance businesses, announces a performance update for its Accredited Program Management business for the first six months of the year, ending 30 June 2021.
H1 2021 highlights
· Gross Written Premium of $445 million (H1 2020: $247 million), an 80% increase
· Fee Income of $25.2 million (H1 2020: $10.7 million), a 135% increase
· 60 programs (H1 2020: 36 programs), a 24 program increase
o 13 programs added in H1 2021
· Contracted Premium of $1.6 billion (H1 2020: $925 million), a 74% increase
Post period end developments
· In July 2021, Accredited added 7 new programs, bringing the total number of programs to 67, increasing the Contracted Premium to $1.8 billion.
William Spiegel, Executive Group Chairman, commented: "We are pleased to report continued strong momentum and growth in our Program Management business, having achieved profitability for the first time in 2020. We look forward to presenting a more detailed update at our interim results in September."
Notes:
1. Fee Income represents Program Fee Revenue and our share of earnings from minority stakes in MGAs.
2. Contracted Premium for Program Management is the Gross Written Premium that our distribution partners believe their programs will generate over a period of time. We expect a significant portion of Contracted Premium to become Gross Written Premium.
Ends
Enquiries to:
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Notes to Editors:
About R&Q
R&Q is a non-life global speciality insurance company operating two core, highly complementary, businesses: Program Management and Legacy Insurance. Both these businesses are leaders in markets with high barriers to entry and significant growth opportunities. Legacy Insurance generates profits and capital extractions from expert management of legacy no-life insurance portfolios. Program Management generates commission income from its licensed (and rated) carriers in the US, EU and the UK, writing niches and profitable program business, largely on behalf of highly rated reinsurers.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
Website: www.rqih.com
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