R&Q programme business GWP jumps 92% in excellent first quarter
Randall & Quilter Investment Holdings, the non-life global specialty insurer focused on programme management and legacy insurance, enjoyed a solid 92% increase in its gross written premiums in its programme management business in the first three months of the year.
The business wrote GWP of $370 million, compared with $193 million in the same period a year earlier, a 92% increase. Its programme fee income reached $18 million, a 125% increase on the same quarter in 2021 generated by 76 programmes, an increase of seven programmes.
The company also highlighted some of the strategic partnerships it has established including a five-year agreement signed with First Underwriting targeting £1 billion GWP and a six-year agreement signed with Policy Expert targeting £2 billion GWP.
William Spiegel, executive group chairman, said: “We continue to be excited by the strong growth we are seeing in our Programme 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, Programme Management remains on track to deliver $1.75 billion of gross written premium in 2022.”
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