R&Q Insurance Holdings Ltd. (R&Q), a non-life global specialty insurer, reported gross written premium (GWP) for its Program Management business has grown 83% for the nine months ending 30 September 2022.
The legacy specialist has provided a performance update for its program management business for this year’s third quarter.
Within the update, R&Q reported a GWP of $1.3 billion, representing significant growth compared to the $714 million reported in the same period last year.
It also reported a Program Fee Income of $60 million, a 100% increase compared to last year’s $30 million. R&Q note that the Program Fee Income is on a written basis and excludes its share of earnings from minority stakes in MGAs.
William Spiegel, Executive Group Chairman, commented: “Our Program Management business exhibited strong year-over-year growth as we continued to expand the depth and breadth of our MGA partnerships through the first nine months of 2022.
“Our team continues to find new and unique ways to meet the needs of our MGAs and reinsurance partners, as demonstrated in our recently announced multi-year transaction with Inperio.
“Additionally, I am pleased to report that our growth is broad-based with all three of our platforms (US Admitted, US Non-Admitted, and Europe) growing GWP and Fee Income. Looking forward, our pipeline of new MGA opportunities remains strong.”
Previously known as Randall & Quilter Investment Holdings, the firm changed its name in July 2022. According to the announcement, the new name suggested a more focused mission and one more aligned with where the company’s operations had sat for several years.
At its recent annual general meeting, R&Q failed to secure shareholder support for resolutions that would have allowed it to raise more capital more easily. The firm’s Board asked shareholders to vote on 14 resolutions and secured passage for 12 of them
