Program Management Update – Contracted Premium Reaches $1.8 billion with 67 Programs
29 July, 2021
Randall & Quilter Investment 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 Accredited Program Management business for the first six months of the year, ending 30 June 2021.
H1 2021 highlights
- Gross Written Premium of $445 million (H1 2020: $247 million), an 80% increase
- Fee Income of $25.2 million (H1 2020: $10.7 million), a 135% increase
- 60 programs (H1 2020: 36 programs), a 24 program increase
- 13 programs added in H1 2021
- Contracted Premium of $1.6 billion (H1 2020: $925 million), a 74% increase
Post period end developments
- In July 2021, Accredited added 7 new programs, bringing the total number of programs to 67, increasing the Contracted Premium to $1.8 billion.
William Spiegel, Executive Group Chairman, commented: “We are pleased to report continued strong momentum and growth in our Program Management business, having achieved profitability for the first time in 2020. We look forward to presenting a more detailed update at our interim results in September.”
- Fee Income represents Program Fee Revenue and our share of earnings from minority stakes in MGAs.
- Contracted Premium for Program Management is the Gross Written Premium that our distribution partners believe their programs will generate over a period of time. We expect a significant portion of Contracted Premium to become Gross Written Premium.
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