5 September 2016News

R&Q enjoys a high GWP increase in H1 2016

Randall & Quilter, an insurance underwriter headquartered in Bermuda, has reported a significant increase of 23.1 percent in its gross written premiums (GWP) in the first half of this year.

R&Q’s GWP rose to $28.1 million in the six-month period ending June 30, 2016, compared with $18.1 million in the first half of 2015, an increase of 23.1 percent.

R&Q’s pre-tax profit for the first half of 2016 was $1.6 million, compared with a loss of $6 million for the same period of 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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