5 September 2016 Insurance

R&Q bounces back from unprofitable year

Randall & Quilter has bounced back from an unprofitable year in its interim results for the six-month period ending June 30, partly on the back of the growth of Syndicate 1991.

R&Q's pre-tax profit for the first half of 2016 was £1.2 million, compared to a loss of £4.5 million for the first half of 2015.

R&Q reported gross premiums written of £21.1 million for the six-month period ending June 30, an increase of 23.1 percent from £13.6 million for the same period in 2015.

Ken Randall, chairman and chief executive officer, said: “The group’s result is always heavily second half weighted and this year is no exception. Trading is expected to be strong during the remainder of the year, driven by an excellent pipeline of legacy acquisition and reinsurance deals.

“Full year profits are expected to be in line with market expectations and the outlook looks very promising, especially in the core legacy acquisition business, in Accredited through its development as a niche programme conduit and in UK services.

"We are pleased with the performance of both our Insurance Investments and Insurance Services divisions in the first half of the year, especially given the usual second half year bias in profitability.

“The scale and profile of our Lloyd’s managing agency benefits from the growth of Syndicate 1991, which is now generating increased premium income, despite challenging underwriting conditions. Interest in our Lloyd’s Turnkey Syndicate capability continues.”

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