29 April, 2019
The Board of Randall & Quilter Investment Holdings Ltd. (AIM: RQIH), the specialist non-life Legacy insurance investor and capacity provider to US and European MGA business, announces the Group’s final results for the year ended 31 December 2018.
Commenting on the results for the year, Ken Randall, Group Chairman and CEO said:
“I am pleased to report a 45% increase in the pre-tax profit for continuing operations which was achieved despite the deferral of significant Legacy transactions, now expected to complete in 2019 (including Global Re).
“The current year has begun positively with regulatory approval received for the change of control of Global Re, which will complete in the next few days, and our investment portfolio having fully recovered the unrealised losses experienced in December 2018.
“Accredited, our Program Management business in the USA and Europe is benefitting from A.M. Best rating upgrades and by the end of 2018 had secured contracts with MGAs which are anticipated to generate annualised written premiums of $500m. The strong growth momentum seen throughout 2018 has continued into 2019 although, as previously indicated, there will be a natural time lag before the Group’s results will reflect full credit for earned commissions on the premiums underwritten.
“The upheaval caused by Brexit is also benefitting Accredited Europe which is domiciled in Malta and has regulatory approval to establish a UK branch office. Accredited thus is well placed to provide “Brexit solutions” whatever the final Brexit outcome.
“Our Legacy pipeline remains very active with continuing evidence that insurers are increasingly turning to run off specialists to offload discontinued portfolios of insurance business in order to improve their capital efficiency and reduce costs of managing non-core activities.
“Our ability to grow the business has been significantly enhanced by the issue of $70m subordinated debt in December 2018 and the oversubscribed new equity raise of £103.5m in March 2019”.
Click here for the full press release
Following the announcement of the Group’s interim results on 6 September 2019, the Board of Randall & Quilter Investment Holdings Ltd. (AIM:RQIH) (“Company”), the Bermuda based global program underwriting management and legacy acquisitions specialist, is pleased to confirm that a …
The Board of Randall & Quilter Investment Holdings Ltd. (AIM-RQIH), the specialist non-life Legacy insurance investor and capacity provider to the US and European MGA Business, announces the Group’s interim results for the 6 months ended 30 June 2019. Financial …
The Company today announces the retirement of Mr Michael Smith as a Non- Executive Director of the Company. He has also today stood down as Chair of the Company’s Remuneration and Nominations Committee and Reinsurance Asset Committee, and as the …