R&Q Insurance Holdings has announced its financial results for the first half of 2022, with strong growth in gross written premium (GWP) and program fee income.
The company, which focuses on program management and legacy insurance businesses, recorded a GWP of US$807 million, an 82% increase from US$445 million for the first half of 2021. R&Q’s program fee income of US$39 million grew by 105% year on year from US$19 million. The number of its programs grew to 75, up from 69 during the same period last year.
R&Q also continued to expand MGA network and partnerships, having hosted its inaugural European and US MGA forums, with hundreds of attendees coming from leading MGAs from the US, UK, and Europe. Post period-end, R&Q approved two new programs and it agreed to add US$100 million to its existing partnership with Corvus Insurance.
“Our program management business produced another very strong period of growth in the first half of 2022,” said William Spiegel, R&Q executive group chairman. “All three of our platforms (US admitted, US non-admitted, and Europe) grew GWP and fee income relative to the year-ago period. Our pipeline of additional MGA partnerships and growth opportunities remains robust as our R&Q Accredited franchise continues to grow its reputation with both MGAs and reinsurers as a leading place to do business. This is reflected in the additional number of scale partnerships we have signed in the first half of 2022.
“Since the end of the first quarter, we also held inaugural MGA forums in the US and Europe where our program management partners met, exchanged ideas, heard from industry experts, and forged new business opportunities,” he said. “This is just one of the ways in which we are building a differentiated proposition relative to peers. Additionally, despite rising interest rates and volatile financial markets, we note that our investment portfolio is well positioned with our assets significantly shorter in duration than our liabilities and over 95% of our cash and investment assets comprised of liquid, investment-grade fixed income securities with no credit impairments having been experienced.”
