17 August, 2020
Randall & Quilter Investment Holdings Ltd. (AIM-RQIH) (“R&Q”), the leading non-life global specialty insurance company focusing on Program Management and Legacy Insurance businesses, announces a performance update for its Program Management business, for the six months ended 30 June 2020.
Commenting on the Program Management results, Alan Quilter, Group Chief Executive Officer, said:
“In the first half of 2020, our Program Management business, trading under the Accredited banner, continued to grow strongly. Importantly, this business has significant built-in growth through the 36 existing programs and 34 different distribution partners with whom we have secured contracts as of the end of Q2 2020. In addition, the four new programs we signed post the half year, are expected to generate in excess of $200 million of annual recurring Gross Written Premium when they achieve scale over the next 18 months.
“We continue to see strong demand from new origination partners as existing insurance capacity faces capital challenges given the magnitude of the insured losses from Covid-19. Moreover, due to current market conditions, we expect to enter the US E&S Program Management market, a large addressable market in which we do not presently compete, in Q4 2020, accelerating our original plans. This launch will see Accredited achieve its strategic objective of being a comprehensive program management solutions provider in all its major markets.”
R&Q will provide a further update on its Program Management business for the nine months ended 30 September 2020 in the fourth quarter.
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