R&Q Insurance 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 nine months ending 30 September 2022.
· Gross Written Premium (‘GWP’) of $1.3 billion (9m 2021: $714 million), an 83% increase
· Program Fee Income of $60 million (9m 2021: $30 million), a 100% increase1
William Spiegel, R&Q Insurance 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.”
1. Program Fee Income is on a written basis and excludes our share of earnings from minority stakes in MGAs.