REG - R&Q Insurance Hldngs - Q2 2022 Program Management Update

R&Q Insurance HoldingsAnnouncement

08/08/2022 07:00

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RNS Number : 1706V  R&Q Insurance Holdings Ltd  08 August 2022

 

R&Q Insurance Holdings Ltd.

 

Q2 2022 Program Management Update

 

GWP grows by over 80% to $807 million for the first half of 2022

 

8 August 2022

 

R&Q Insurance 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 Program
Management business for the first six months of the year ending 30 June 2022.

 

Highlights

 

·      Gross Written Premium ('GWP') of $807 million (H1 2021: $445
million), an 82% increase

 

·      Program Fee Income of $39 million (H1 2021: $19 million), a 105%
increase(1)

 

·      75 programs (YE 2021: 69 programs), an increase of 6 programs

 

·      Continued to expand MGA network and partnerships:

o  Post period-end, two new programs were approved, and we agreed to add $100
million to our existing partnership with Corvus Insurance

o  Hosted inaugural European and US MGA forums with hundreds of attendees and
leading MGAs from the US, UK, and Europe

 

William Spiegel, Executive Group Chairman, commented:

 

"Our Program Management business produced another very strong period of growth
in the first half of 2022. All three of our platforms (US Admitted, US
Non-Admitted, and Europe) grew GWP and Fee Income relative to the year-ago
period. Our pipeline of additional MGA partnerships and growth opportunities
remains robust as our R&Q Accredited franchise continues to grow its
reputation with both MGAs and reinsurers as a leading place to do business.
This is reflected in the additional number of scale partnerships we have
signed in the first half of 2022. Since the end of the first quarter, we also
held inaugural MGA forums in the US and Europe where our Program Management
partners met, exchanged ideas, heard from industry experts, and forged new
business opportunities. This is just one of the ways in which we are building
a differentiated proposition relative to peers.

 

"Additionally, despite rising interest rates and volatile financial markets,
we note that our investment portfolio is well positioned with our assets
significantly shorter in duration than our liabilities and over 95% comprising
liquid, investment grade fixed income securities and cash. Our portfolio has
not experienced any credit impairments."

 

Notes:

1.     Program Fee Income is on a written basis and excludes our share of
earnings from minority stakes in MGAs.

 

Ends

 

 Enquiries to:

 

Randall & Quilter Investment Holdings Ltd
 William Spiegel                                Tel: 0207 780 5850
 Tom Solomon                                    Tel: 0207 780 5850
 Alan
 Quilter
 Tel: 020 7780 5960

 Numis Securities Limited (Nominated Advisor and Joint Broker)
 Giles Rolls                                    Tel: 020 7260 1000
 Charles Farquhar                               Tel: 020 7260 1000

 Barclays Bank PLC (Joint Broker)

 Nish Amin                                      Tel: 020 7632 2322

 Chris Madderson                                Tel: 020 7632 2322

 FTI Consulting

 Tom Blackwell                                  Tel: 020 3727 1051

Enquiries to:

Randall & Quilter Investment Holdings Ltd
 William Spiegel                                Tel: 0207 780 5850
 Tom Solomon                                    Tel: 0207 780 5850
 Alan
 Quilter
 Tel: 020 7780 5960

 Numis Securities Limited (Nominated Advisor and Joint Broker)
 Giles Rolls                                    Tel: 020 7260 1000
 Charles Farquhar                               Tel: 020 7260 1000

 Barclays Bank PLC (Joint Broker)

 Nish Amin                                      Tel: 020 7632 2322

 Chris Madderson                                Tel: 020 7632 2322

 FTI Consulting

 Tom Blackwell                                  Tel: 020 3727 1051

 

 

 

Notes to Editors:

 

About R&Q

 

R&Q is a non-life global specialty insurance company operating two highly
complementary, businesses: Program Management and Legacy Insurance. Both of
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 non-life insurance
portfolios. Program Management generates commission income from its licensed
(and rated) carriers in the US, EU and the UK, writing niche and profitable
program business, largely on behalf of highly rated reinsurers.

 

Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94

 

Website: www.rqih.com (http://www.rqih.com)

 

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