R&Q reports strong premiums growth in first half
By Josh White
Date: Monday 08 Aug 2022
(Sharecast News) - Non-life specialty insurance company R&Q reported gross written premiums of $807m in a first-half update on Monday, up 82% year-on-year.
The AIM-traded firm said programme fee income in the six months ended 30 June surged 105% to $39m, while the total number of programmes increased by six year-on-year, to 75 programmes.
It also reported the continued expansion of its managing general agent (MGA) network and partnerships, having approved two new programmes post-period end, while agreeing to add $100m to its existing partnership with Corvus Insurance.
The company also hosted its inaugural Europe and United States MGA forums with "hundreds of attendees" and "leading MGAs" from the US, the UK, and Europe.
"Our programme management business produced another very strong period of growth in the first half of 2022," said executive group chairman William Spiegel.
"All three of our platforms - US admitted, US non-admitted, and Europe - grew gross written premiums 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."
Spiegel said that was reflected in the additional number of scale partnerships the company signed in the first half.
"Since the end of the first quarter, we also held inaugural MGA forums in the US and Europe where our programme 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."
At 1117 BST, shares in R&Q Insurance Holdings were up 0.45% at 101.06p.
Reporting by Josh White at Sharecast.com.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN