It looks like Randall & Quilter (R&Q), which recently sold its Lloyd’s managing agency and insurance services businesses, made the right move to focus on legacy acquisitions and programme underwriting management.
For the year ended December 31, the Bermuda-based firm posted a pre-tax profit of £23.5 million. This includes the £11.8 million net profit from the sale of the Lloyd’s managing agency. With 38% underlying profit growth, R&Q also announced a higher final dividend of 5.4 pence per share.
Calling 2017 “a year of transformation,” group chair and chief executive Ken Randall believes R&Q is in good shape.
“I am pleased to report that we have an excellent pipeline of new business in both programme underwriting management and legacy acquisitions,” he noted. “2017 saw a further increase in the profit contribution from legacy acquisitions.
“Programme underwriting management business has been building steadily, especially towards the end of the year, and we anticipate strong future profit growth from this business area, as commission earnings from new programme launches gain momentum from the end of 2018 and beyond.”
The streamlined business cited “excellent contribution” from 19 completed legacy transactions, as well as successful share offerings which raised a total of £65 million of new capital.
“With a strong and energised management team, we are very well placed to develop and profit from the multiple opportunities in our chosen business segments,” said Randall.
