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Group interim results announced

28 August, 2013

Interim results for the six months ended 30 June 2013

The Board of Randall & Quilter (AIM: RQIH), the specialist non-life insurance investor, service provider and underwriting manager, is pleased to announce its Group interim results for the six months ended 30 June 2013.

FINANCIAL HIGHLIGHTS

  • Total Group income of £26.2m (2012: £25.3m)
  • Profit before tax of £3.0m* (2012: £4.6m*), which excludes a £1.5m reduction in insurance liabilities in Alma Insurance Company taken as a prior year adjustment
  • An additional boost of 2.3p to net tangible asset value per share as at 31 December 2012 as a result of this prior year adjustment
  • Basic earnings per share of 4.0p (2012: 8.9p)
  • Cash distribution of 3.4p per share (2012: 3.4p) through proposed N/O share scheme
  • Undiscounted net tangible asset value per share of 119.0p (31 Dec 2012: 116.7p**)

* After deduction of minority interest relating to syndicate 3330
** Adjusted for Alma Insurance Company prior year adjustment

OPERATIONAL HIGHLIGHTS

  • Successful launch of the Group’s Syndicate 1991 with first year capacity of £76m backed with traditional names, industry and Group capital, firmly establishing the Group’s credentials in the active market at Lloyd’s
  • Raised net proceeds of £24m through a placing of new ordinary shares at 120p to existing and new institutional investors to fund the Group’s share of fast growing Syndicate 1991 and help finance the strong pipeline of run-off investment opportunities
  • Completion of the redomicile of the Group’s holding company to Bermuda and relisting on AIM in July, aimed at providing the Group with more certainty on longer term Group capital requirements and enhancing the Group’s acquisition activity and third party capital support in the Bermudian and North American markets
  • Active period for acquisitions, demonstrating good progress on the deployment of the recently raised capital. £4m spent to date this year, including the period since June 30, on insurance debt and an additional £4m on new legacy captive and insurance company transactions. £10m remains earmarked for the expansion in the capacity of Syndicate 1991 for 2014
  • Continued development of alternative structures and geographical focus for run-off acquisitions. During the period, the Group novated prior year policies from captives and continued to acquire those already in runoff. Notably, the Group completed its first transaction in the Bermuda market, which remains the world’s largest captive domicile. The Group also purchased a reinsurer in run-off in France and announced a number of portfolio transfers in Europe as well as a retrospective reinsurance using one of our Bermuda based entities
  • Establishment and licensing of R&Q Insurance Malta, our future consolidation vehicle for both our existing and target run-off insurance portfolios in the EEA
  • Positive outlook for the remainder of the year, driven by a strong anticipated contribution from the growing acquisition pipeline.

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Group interim results announced

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