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% increase1
· 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:
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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
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