Gross written premiums were up by 92 per cent for the first three months of the year in the programme management business of Randall & Quilter Investment Holdings Ltd, the Bermudian-based non-life global specialty insurance company.

R&Q, which also focuses on legacy insurance businesses, said programme management business GWP was $370 million in the first quarter, compared to $193 million in the first quarter of 2021.

The company reported programme fee income of $18 million, a 125 per cent increase over the Q1 2021 figure of $8 million.

R&Q reported 76 programmes, an increase of seven programmes year-over-year.

The company said significant multi-year strategic partnerships were established in the quarter, including a five-year agreement signed with First Underwriting targeting £1 billion GWP – and, post period end, 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, 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.”

The news comes as R&Q announced its intention to raise $100 million through an equity raise, which is expected to complete on July 12, after company shareholders did not approve the required special resolutions for the proposed acquisition of R&Q by Brickell PC Insurance Holdings LLC.