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9 Aug 2010 07:00
Date: 9 August 2010
On behalf of: Randall & Quilter Investment Holdings plc ("Randall & Quilter" or the "Group")
Embargoed: 0700hrs
Randall & Quilter Investment Holdings plc
Trading Update
The Board of Randall & Quilter (AIM: RQIH), the specialist non-life insurance investor, service provider and underwriting manager, is pleased to announce that it expects that the Group's pre tax results for the six months ending 30 June 2010 to be materially ahead of market expectations.
The favourable variance is in part due to a better than expected profit commission in respect of the management of syndicate 3330. All operating divisions have however performed better or in line with expectations.
Whilst any further profit commission in respect of syndicate 3330 during the second half is likely to be significantly lower, the Board believes that the pre-tax result for the full year ending 31 December 2010 will be at the top end of current market expectations save for unforeseen events.
The interim results for the six months ended 30 June 2010 will be announced on 18 August 2010; a meeting for analysts will be held at Redleaf Communications' offices at 0930hrs.
- Ends -
Enquiries to:
Randall & Quilter Investment Holdings plc
(www.rqih.co.uk)
Tom Booth
Tel: 020 7780 5850
Numis Securities Limited
Stuart Skinner (Nominated Advisor)
Tel: 020 7260 1000
Charles Farquhar (Broker)
Tel: 020 7260 1000
Shore Capital Stockbrokers Limited
Dru Danford / Stephane Auton
Tel: 020 7408 4090
Redleaf Communications
r&q@redleafpr.com
Emma Kane/ Alicia Jennings/ Adam Leviton
Tel: 020 7566 6700
Notes to Editors:
Since formation, Randall & Quilter has pursued a buy and build strategy to create a comprehensive range of investment activities and services in the global non-life insurance market and is focused on the following four core areas:
- Insurance Investments;
- Insurance Services;
- Underwriting Management; and
- Captives
The Group currently has:
- a portfolio of nine insurance companies in run-off (from the UK, US and Europe) with net assets of c.£66m as at 31 December 2009;
- wide service capability in both the 'live' and 'run-off' markets
- a team of approximately 240 insurance professionals based in the UK, USA and Bermuda; and
- 'in principle' approval by Lloyd's of London to provide 'turnkey' management services to syndicates.
The Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Group Finance Director who both have extensive experience in the industry including as Head of Regulation of Lloyd's and as Head of the Market Financial Services Group respectively.
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