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(Alliance News) - Randall & Quilter Investment Holdings Ltd on Monday said its Program Management division saw doubling of premiums in the first six months of 2020.
The non-life specialty insurance company said its Program Management division saw contracted premiums of USD924.5 million for the six months to June 30, more than doubled from USD431.6 million recorded a year ago.
The unit's first-half gross written premium jumped 43% to USD247.2 million. Commission revenue increased 88% to USD10.7 million.
The unit had 36 active programs at the end of the first half versus 26 programs a year ago.
R&Q's Program Management division partners with managing general agents and their reinsurance providers to provide program capacity through its licensed platforms in the US, Bermuda and Europe.
R&Q Chief Executive Officer Alan Quilter said: "We continue to see strong demand from new origination partners as existing insurance capacity faces capital challenges given the magnitude of the insured losses from Covid 19. Moreover, due to current market conditions, we expect to enter the US E&S Program Management market, a large addressable market in which we do not presently compete, in the fourth quarter of 2020, accelerating our original plans. This launch will see Accredited achieve its strategic objective of being a comprehensive program management solutions provider in all its major markets."
Shares in R&Q were up 3.6% at 158.00 pence each in London on Monday.
By Tapan Panchal; tapanpanchal@alliancenews.com
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