REG - Randall & Quilter Ld - Q1 2022 Program Management Update

R&Q Insurance HoldingsAnnouncement

30/05/2022 07:15

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RNS Number : 1616N  Randall & Quilter Inv Hldgs Ltd  30 May 2022

 

Randall & Quilter Investment Holdings Ltd.

 

Q1 2022 Program Management Update

 

GWP grows by over 90% to $370 million for the first three months of 2022

 

30 May 2022

 

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 Program Management business for the first three months of the year ending
31 March 2022.

 

Highlights

 

·      Gross Written Premium ('GWP') of $370 million (Q1 2021: $193
million), a 92% increase

 

·      Program Fee Income of $18 million (Q1 2021: $8 million), a 125%
increase(1)

 

·      76 programs (YE 2021: 69 programs), an increase of 7 programs

 

·      Significant multi-year strategic partnerships established:

o  Five-year agreement signed with First Underwriting targeting £1 billion
GWP

o  Post period end, six-year agreement signed with Policy Expert targeting
£2 billion GWP

 

William Spiegel, Executive Group Chairman, commented:

 

"We continue to be excited by the strong growth we are seeing in our Program
Management business, and I am pleased to report another excellent quarter. 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 (MGAs), including two multi-year
agreements targeting combined premium in excess of £3 billion. As we recently
updated, Program Management remains on track to deliver $1.75 billion of gross
written premium in 2022."

 

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)

 Mark Astaire                                   Tel: 020 7632 2322

 Nish Amin                                      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)

 Mark Astaire                                   Tel: 020 7632 2322

 Nish Amin                                      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 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 expired, non-life insurance
portfolios. Program Management generates fee income from MGAs by providing
paper from its licensed (and rated) carriers in the US, EU and the UK, which
is reinsured to highly rated or fully collateralised reinsurers.

 

Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94

 

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

 

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