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.
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.
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