29th Apr 2019 10:13
LONDON (Alliance News) - Randall & Quilter Investment Holdings Ltd on Monday reported a sharp rise in annual profit, despite the deferral of legacy transactions.
Randall & Quilter is a non-life legacy insurance investor and capacity provider for the US and European managing general agent market.
Pretax profit from continuing operations rose 45% for 2018 to GBP14.3 million, with gross written premiums dipping slightly to GBP183.8 million from GBP187.9 million.
Randall & Quilter's 2018 return on tangible equity was 5.0%, down from 17%, its investment return 1.2% from 1.6%, while net asset value per share at 2018's end was 139.4 pence, up from 132.5p a year before.
The firm will pay a 5.6 pence final dividend, meaning its annual total is 9.2p, up 3.4% from 8.9p the year before.
Randall & Quilter completed 17 new legacy and reinsurance acquisitions, but some have been delayed into 2019, though the firm was able to grow profit nonetheless.
"I am pleased to report a 45% increase in the pretax profit for continuing operations which was achieved despite the deferral of significant Legacy transactions, now expected to complete in 2019 (including Global Re)," said Chair & Chief Executive Ken Randall.
"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."
Randall & Quilter expects to benefit from Brexit no matter what the outcome, with its European program management and principal legacy consolidators preparing to open a UK office.
Randall & Quilter is optimistic for 2019, it said, with the Legacy business having an "excellent" pipeline of new work and Program Management being a "major force" in Europe and the US.
Shares were 3.0% higher on Monday morning at 186.50 pence a share.
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