R&Q is reporting an 82% increase in gross written premiums for the first six months of this year.
The firm said in a statement that these had increased from $445m in H1 2021 to $807m in H1 2022. Program Fee Income in this period rose by 105%, said the firm, from $19m in H1 2021 to $39m in H1 2022.
William Spiegel, chairman of the executive group, said: “Our Program Management business produced another very strong period of growth in the first half of 2022. All three of our platforms (US Admitted, US Non-Admitted, and Europe) grew GWP 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.
He 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.”
Previously known as Randall & Quilter Investment Holdings, the firm changed its name last month. At the time, it said that the new name suggested a more focused mission and one more aligned with where the company’s operations had sat for several years.
But, while having a new name, the company failed to secure shareholder support for resolutions that would have allowed it to raise more capital more easily.
At its recent AGM, R&Q’s Board asked shareholders to vote on 14 resolutions and secured passage for 12 of them.
Spiegel also said about these latest results: “Additionally, despite rising interest rates and volatile financial markets, we note that our investment portfolio is well positioned with our assets significantly shorter in duration than our liabilities and over 95% comprising liquid, investment grade fixed income securities and cash. Our portfolio has not experienced any credit impairments.”
