By Benjamin Chiou
Date: Friday 12 Apr 2024
LONDON (ShareCast) - (Sharecast News) - R&Q Insurance, the AIM-listed non-life insurer, lost almost half of its market value on Friday after announcing it would report a "significant pre-tax loss" for last year.
The Bermuda-headquartered company said the new guidance was a result of adverse developments in the Legacy division and a big increase in corporate costs in relation to the sale of its Accredited division.
R&Q Legacy is expected to realise "adverse development of ~23% of the group's net reserves" for 2023.
Reserves under management in R&Q Legacy were around $1bn by the end of 2023, though this will fall by $670m after the sale of the corporate liabilities joint venture with Obra for $27m.
"Although we believe that the corporate liabilities market continues to represent an attractive long-term opportunity, developing regulations, including potential changes around capital requirements, have reduced the strategic attractiveness of direct equity participation in joint ventures of this type for R&Q," said chair Jeff Hayman.
The stock was down 45% at just 3.03p by 1101 BST.
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Currency | UK Pounds |
Share Price | 1.41p |
Change Today | -0.15p |
% Change | -9.50 % |
52 Week High | 60.60 |
52 Week Low | 1.22 |
Volume | 970,768 |
Shares Issued | 373.53m |
Market Cap | £5.25m |
Value |
---|
Price Trend |
---|
Income |
---|
Growth |
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Latest | Previous | |
---|---|---|
Interim | Final | |
Ex-Div | 23-Sep-21 | 03-Jun-21 |
Paid | 12-Oct-21 | 24-Jun-21 |
Amount | 2.00p | 0.20p |
Time | Volume / Share Price |
11:29 | 36,692 @ 1.62p |
11:21 | 40,000 @ 1.60p |
10:54 | 10,000 @ 1.58p |
10:50 | 2,031 @ 1.41p |
10:39 | 60,000 @ 1.49p |
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