william-spiegel-ceo-r-q-1-1
William Spiegel, CEO, R&Q
15 June 2022

R&Q posts $127m loss for 2021

Randall & Quilter Investment Holdings has reported a loss of over $127 million for fiscal year 2021, mainly due to a $90-million pre-tax, non-cash charge. The loss compares with a profit of nearly $38 million in 2020.

The company’s programme management sector reported a gross written premium (GWP) of $1 billion, a 92% year-on-year rise from $539 million.

“2021 was a significant year for R&Q as we outlined an ambitious five-year strategy that will see us transform into a fee-based, capital lighter business,” William Spiegel, executive chairman of R&Q, said.

“We have already taken major strides in delivering against this strategy including the launch of Gibson Re, ongoing momentum in programme management and a number of organisational improvements which will make us more efficient, strengthen our culture and enhance our risk management. We also have under way a series of projects as part of our goal to be a more data-driven business.”

He noted that programme management saw pre-tax operating profit increase nearly fivefold to $21 million, adding he expected it to make $1.75 billion in GWP this year.

Its legacy insurance unit completed 15 deals with gross reserves acquired of $735 million.

“With the launch of Gibson Re, legacy insurance is in the process of moving to a recurring fee model and at year-end 2021 had reserves under management of $417 million on which we will earn a 4.25 per cent annual fee, alongside potential performance fees,” Spiegel said.




More on this story

News
13 June 2022   It said its 2021 results illustrated the strength and momentum of its core businesses.
News
30 May 2022   The business wrote GWP of $370m, a 92% increase on a year earlier.
News
15 August 2022   Phoenix Asset Management Partners has published an open letter to shareholders.

More on this story

News
13 June 2022   It said its 2021 results illustrated the strength and momentum of its core businesses.
News
30 May 2022   The business wrote GWP of $370m, a 92% increase on a year earlier.
News
15 August 2022   Phoenix Asset Management Partners has published an open letter to shareholders.