Randall & Quilter Investment Holdings Ltd (LON:RQIH), the leading non-life global specialty insurance company focusing on Program Management and Legacy Insurance businesses, has announced a performance update for its Program Management business for the first three months of the year ending 31 March 2022.
· Gross Written Premium (‘GWP’) of $370 million (Q1 2021: $193 million), a 92% increase
· Program Fee Income of $18 million (Q1 2021: $8 million), a 125% increase1
· 76 programs (YE 2021: 69 programs), an increase of 7 programs
· Significant multi-year strategic partnerships established:
o Five-year agreement signed with First Underwriting targeting £1 billion GWP
o Post period end, six-year agreement signed with Policy Expert targeting £2 billion GWP
William Spiegel, Randall & Quilter Executive Group Chairman, commented:
“We continue to be excited by the strong growth we are seeing in our Program Management business, and I am pleased to report another excellent quarter. We have established ourselves as a leading player in both the US and Europe and this is reflected in the long-term partnerships we have been able to sign with highly regarded managing general agents (MGAs), including two multi-year agreements targeting combined premium in excess of £3 billion. As we recently updated, Program Management remains on track to deliver $1.75 billion of gross written premium in 2022.”
1. Program Fee Income is on a written basis and excludes our share of earnings from minority stakes in MGAs.