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Randall & Quilter reports 'strong operating performance' for H1

Randall & Quilter reports 'strong operating performance' for H1 | Insurance Business

Randall & Quilter reports

Global program management and legacy acquisitions specialist firm Randall & Quilter (R&Q) has reported a “strong operating performance” for the first half of 2020.

In its latest financial results release, the firm revealed a 30% increase in pre-tax operating profit to £10.4 million for the six months ended June 30, 2020, driven by “strong growth across both business lines.”

By comparison, the firm reported a pre-tax operating profit of £8.0 million for the first half of 2019.

Read more: Randall & Quilter reveals after-tax profit jump of 399%

Broken down, R&Q’s program management business reported a contracted premium increase of 95% increase to $925 million, as well as the addition of 10 new programs – increasing its total active programs to 36 at period end.

Meanwhile, the firm’s legacy line reported an 81% increase in net reserves acquired to £267 million, as well as the completion of nine transactions across seven different jurisdictions.

Overall, the firm’s balance sheet showed that cash and investments increased by 5% to £772 million in the first six months of 2020.

In a joint statement, R&Q’s executive chairman Ken Randall, group chief executive officer Alan Quilter, and deputy chairman William Spiegel said that, despite the impact of the COVID-19 pandemic, the firm continued to “generate strong operating performance in both program management and legacy.”

“Despite unprecedented challenges introduced by COVID-19, we have had minimal disruptions to our operations,” the three executives said. “Importantly, we are excited by the opportunities available to us in the current market. COVID-19 and other market events have generated significant losses for the insurance industry, creating a ‘hardening’ insurance environment and increasing the demand for our legacy and program management solutions. We have a strong balance sheet, expertise, relationships, and the track-record to capture the additional growth in front of us.”