8th Aug 2022 10:26
(Alliance News) - R&Q Insurance Holdings Ltd on Monday said its Program Management enjoyed "another very strong period of growth" in the first half of 2022 with written premiums jumping a staggering 82%.
Shares in R&Q Insurance, formerly Randall & Quilter Investment, were up 3.4% in London on Monday mid-morning at 104.00 pence each.
The Bermuda-based specialty non-life insurer said its gross written premiums in the six months to June 30 rose to USD807 million from USD445 million, an 82% rise.
Program fee income more than doubled to USD39 million from USD19 million.
"All three of our platforms - US Admitted, US Non-Admitted, and Europe - grew gross written premiums and fee income relative to the year-ago period. Our pipeline of additional MGA partnerships and growth opportunities remains robust as our R&Q Accredited franchise continues to grow its reputation with both MGAs and reinsurers as a leading place to do business," Chief Executive William Spiegel said.
R&Q noted its number of programs rose by six over the half to 75 at the end of the first half, versus 69 six months earlier. R&Q partners with managing general agents and their reinsurance providers to provide program capacity through its licensed platforms.
Spiegel added: "This is reflected in the additional number of scale partnerships we have signed in the first half of 2022. Since the end of the first quarter, we also held inaugural MGA forums in the US and Europe where our Program Management partners met, exchanged ideas, heard from industry experts, and forged new business opportunities.
"This is just one of the ways in which we are building a differentiated proposition relative to peers."
The firm also said its investment portfolio is "well positioned" despite rising interest rates and volatile financial markets.
"Our portfolio has not experienced any credit impairments," it added.
By Paul McGowan; [email protected]
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