Randall & Quilter Investment Holdings Ltd (LON:RQIH), the leading non-life global specialty insurance company focusing on Program Management and Legacy Insurance businesses, announced today a performance update for its Accredited Program Management business for the first six months of the year, ending 30 June 2021.
H1 2021 highlights
· Gross Written Premium of $445 million (H1 2020: $247 million), an 80% increase
· Fee Income of $25.2 million (H1 2020: $10.7 million), a 135% increase
· 60 programs (H1 2020: 36 programs), a 24 program increase
o 13 programs added in H1 2021
· Contracted Premium of $1.6 billion (H1 2020: $925 million), a 74% increase
Post period end developments
· In July 2021, Accredited added 7 new programs, bringing the total number of programs to 67, increasing the Contracted Premium to $1.8 billion.
William Spiegel, Randall & Quilter Executive Group Chairman, commented: “We are pleased to report continued strong momentum and growth in our Program Management business, having achieved profitability for the first time in 2020. We look forward to presenting a more detailed update at our interim results in September.”
Notes:
1. Fee Income represents Program Fee Revenue and our share of earnings from minority stakes in MGAs.
2. Contracted Premium for Program Management is the Gross Written Premium that our distribution partners believe their programs will generate over a period of time. We expect a significant portion of Contracted Premium to become Gross Written Premium.
