Q3 2022 Program Management UpdateSource: RNS
R&Q Insurance Holdings Ltd
Q3 2022 Program Management Update
GWP grows by over 80% to $1.3 billion for the nine months ending 30 September 2022
31 October 2022
R&Q Insurance Holdings Ltd, (AIM-RQIH) ("R&Q"), the leading non-life global specialty insurance company focusing on Program Management and Legacy Insurance businesses, announces 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, 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.
Notes to Editors:
R&Q is a global non-life specialty insurance company. We operate two core, highly complementary, businesses: Program Management and Legacy Insurance. Both these businesses are leaders in their respective markets.
Our approach is to deploy our origination and underwriting capabilities, alongside our licensed and rated carriers in the US, EU and the UK, to generate attractive fee returns in Program Management and Legacy Insurance.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94