Randall & Quilter (R&Q) Investment Holdings has reported “positive movements” in the group’s existing run-off portfolios, with a reserve release of £5 million.
According to the insurance investor, the favourable results were aided by commutation activity in the US and favourable development in certain captive accounts.
Chairman and CEO of R&Q Ken Randall, suggested that legacy acquisition activity was the key driver, while existing books continued to run-off favourably.
Randall also attributed growth to the growing scale of Syndicate 1991, together with some favourable claims movements, resulting in an improved result from the company’s live syndicate participations, as well as certain one-off items in the captive management segment.
Overall, R&Q generated a pre-tax profit of £5.4 million and a post-tax profit of £5.9 million, compared to £1.2 million and £0.9 million, respectively the previous year.
Commenting on the results, Randall said: “I am pleased to report that the group delivered a very strong performance during the first half of the year. It is the board’s view, especially given the advanced state of a number of other legacy transactions and the growing pipeline, that the results for the full year will be at least in line with expectations, absent unforeseen circumstances.”
He added: “Our planned focus on legacy acquisitions and the use of Accredited and R&Q Insurance Malta as conduits for niche programme business to highly rated reinsurers looks increasingly well placed. There are good growth opportunities in both of these core operations and the Group’s strong and growing market position is being driven by our central tenets of expertise and innovation.”
