Results for the half year ended 30 June 2023

About this update from Randall & Quilter Investment Holdings Ltd.

[{"type":"text","content":"R&Q Insurance Holdings Ltd Results for the half year ended 30 June 2023 Accredited grows pre-tax operating profit; Legacy Reserves Under Management exceed $1 billion; Legacy results impacted by adverse reserve development29 September 2023R&Q Insurance Holdings Ltd (AIM: RQIH) (“R&Q” or the “Group”), the leading non-life global specialty insurance company focusing on the Program Management (“Accredited”) and Legacy Insurance (“R&Q Legacy”) businesses, today announces its results for the half year ended 30 June 2023.H1 2023 Financial Highlights AccreditedGross Written Premium (“GWP”) of $1.1 billion (H1 2022: $0.8 billion, a 34% increase)Fee Income of $46.2 million (H1 2022: $39.1 million, an 18% increase)Pre-Tax Operating Profit of $28.6 million (H1 2022: $15.4 million, an 86% increase)Pre-Tax Operating Profit Margin of 57.0% (H1 2022: 43.6%, a 13.4 percentage point increase)R&Q LegacyCompleted MSA Safety transaction involving non-insurance liabilities in an otherwise seasonally quiet market with Gross Reserves Acquired of $695.0 million (H1 2022: $5.3 million)Reserves Under Management of $1.1 billion (30 June 2022: $0.4 billion, a 172% increase)Fee Income of $9.7 million (H1 2022: $8.8 million, a 10% increase), with MSA Safety carrying a lower fee than Gibson Re on Reserves Under Management due to no tail risk exposurePre-Tax Operating Loss before adverse reserve development of $24.2 million and a loss of $64.2 million including $40.0 million of adverse reserve development primarily from older transactions in Lloyd’sGroupTotal Fee Income of $55.9 million (H1 2022: $47.9 million, a 17% increase)Pre-Tax Operating Loss of $18 million prior to R&Q Legacy adverse development and a loss of $58.0 million including the $40.0 million of R&Q Legacy adverse reserve developmentNon-Recurring ItemsNon-cash income of $1.8 million primarily associated with net unrealised investment gains net of fair market value impact on legacy reservesExtraordinary cash income of $4.1 millionOperational Highlights Continued focus on cost control with R&Q Legacy Fixed Operating Expenses decreasing 8% year-over-yearOperational improvement program in full flight with ~$20 million of the planned total $20 ‒ $25 million investment deployed since 2021, with the remainder to be incurred in H2 2023Investment in automation and...

More updates from Randall & Quilter Investment Holdings Ltd.