Randall & Quilter Investment Holdings Ltd.
Q3 Program Management Update
GWP grows by over 80% to $714 million for the first nine months of 2021
8 December 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 Program Management business for the first nine months of the year, ending 30 September 2021.
Highlights
· Gross Written Premium ('GWP') of $714 million (Q3 2020: $395 million), an 81% increase
· Fee Income of $39 million (Q3 2020: $16 million), a 138% increase
· 70 programs (Q3 2020: 39 programs), a 31 program increase
Post period-end developments
· Through 30 November 2021, five new programs were added, bringing the total number of programs to 75, and increasing Contracted Premium to over $2 billion
William Spiegel, Executive Group Chairman, commented: "We are pleased to report another strong quarter of growth in our Program Management business. Our pipeline of opportunities remains robust, and we remain focused on developing strategic partnerships with leading MGAs, highly-rated reinsurers and the ILS markets in both Europe and the US."
Notes:
1. Fee Income represents Program Fee Revenue and our share of earnings from minority stakes in MGAs.
2. Contracted Premium is the Gross Written Premium that our distribution partners believe their programs will generate over an annual period. We expect a significant portion of Contracted Premium to become Gross Written Premium.
Ends
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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 legacy non-life insurance portfolios. Program Management generates commission income from its licensed (and rated) carriers in the US, EU and the UK, writing profitable program business, largely on behalf of highly rated reinsurers.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
Website: www.rqih.com
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