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Interim results for the 6 months ended 30 June 2018 and trading update.

19 September, 2018

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 interim results for the 6 months ended 30 June 2018.

Operational Highlights

  • Net proceeds, c.£47m, of placing and open share offer in November 2017 fully deployed to strengthen the AM Best credit ratings of Accredited and Malta to A- (Excellent).
  • Insurance Services Division sold in January 2018 which completes the execution of our strategy to refocus the business on legacy and program underwriting management.
  • Largest ever legacy reinsurance contract completed for a premium of $108.5m and a reinsurance limit of $146m.
  • Interim distribution (return of capital) proposed at 3.6p per share (2017: 3.5p).
  • New management team functioning well.

Post-period end

  • Corporate restructuring and Group wide rebranding of program management as “Accredited”.
  • Program management contracts secured which are expected to generate Gross Written Premiums (“GWP”) of $200m per annum and further contracts scheduled to be signed before year end which are expected to increase annualised GWP to approaching $500m per annum.
  • New business pipelines for legacy and program management remain strong, with our post-Brexit solutions generating significant industry interest in program management.
  • Agreement (subject to regulatory approval) to acquire Global Re US, our largest legacy acquisition to date.
  • Agreement (subject to regulatory approval) to acquire MPS Risk Solutions Limited.

Chairman’s Statement

I am delighted to report an 40% increase in operating profit for continuing operations in the first half year of £7.8m (H1 2017: £5.6m).

Last year, R&Q embarked on a new strategic direction designed to streamline the business and focus on legacy and providing much in-demand program underwriting services through our US and European Insurance platforms.

I am pleased to say that the first half of 2018 has seen the successful execution of this strategy.  R&Q is now a much leaner organisation enabling our talents and resources to focus on these two growth markets following the divestment of our non-core operations (a process which began in 2016).

We are encouraged by the number of advanced negotiations with prospective counter-parties and also the larger size of some of the transactions in the pipeline for both legacy and program underwriting; good examples being the announcement this morning of our agreement to acquire Global Re US and the legacy reinsurance we have recently executed with a US based Risk Retention Group (“RRG”) providing a limit of $146m for a premium of $108.5m.

Should regulatory approval be received and completion of the acquisition of Global Re US occur before the end of 2018, it is expected to result in the Group’s profit for the full year 2018 being substantially ahead of market expectations.

Click here for the full press release

Interim results for the 6 months ended 30 June 2018 and trading update.

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