Huge increase in R&Q fee income and GWP
Bermudian-based R&Q Insurance Holdings Ltd has reported an 82 per cent year-over-year increase in gross written premium for the first half of 2022.
The non-life global specialty insurance company focusing on programme management and legacy insurance businesses, issuing a programme management business performance update, said GWP was $807 million in the first half of the year compared to $445 million in the first half of 2021.
Programme fee income was $39 million compared to $19 million for the prior year period, a 105 per cent increase.
The company had 75 programmes, an increase of six over year-end 2021.
R&Q said it continued to expand its MGA network and partnerships.
Post period-end, two new programmes were approved, and the company agreed to add $100 million to its existing partnership with Corvus Insurance.
William Spiegel, executive group chairman, said: “Our programme management business produced another very strong period of growth in the first half of 2022.
“All three of our platforms (US admitted, US non-admitted, and Europe) grew GWP and fee income relative to the year-ago period.
“Our pipeline of additional MGA partnerships and growth opportunities remains robust as our R&Q accredited franchise continues to grow its reputation with both MGAs and reinsurers as a leading place to do business. This is reflected in the additional number of scale partnerships we have signed in the first half of 2022.”
He added: “Since the end of the first quarter, we also held inaugural MGA forums in the US and Europe where our programme management partners met, exchanged ideas, heard from industry experts, and forged new business opportunities. This is just one of the ways in which we are building a differentiated proposition relative to peers.
“Additionally, despite rising interest rates and volatile financial markets, we note that our investment portfolio is well positioned with our assets significantly shorter in duration than our liabilities and over 95 per cent comprising liquid, investment grade fixed income securities and cash. Our portfolio has not experienced any credit impairments.”