R&q Insurance Share Discussion Threads

[speedsgh] 11/11/2015 17:07

from Interim Results (22/9)...



"We continue to expect a materially better full year result in 2015 compared with 2014, subject to customary actuarial reviews. Despite a sizeable first half loss, recent positive developments on two large legacy transactions mean we have confidence in delivering a profitable outcome for the full year, which together with stronger expected cash generation to year end, has led to in the maintenance of distributions per share at 3.4p per share."

"The Board believes that the prospects for the Group's core operations continue to be attractive. Its traditional run-off and service core look to have profitable opportunities for expansion and our success in these operations is evident. Meanwhile, being chosen as turnkey provider to a potential high profile syndicate start-up should, in the event of securing Lloyd's approval, give both added scale and profile to our managing agency."

Make of that what you will.

[my retirement fund] 11/11/2015 16:45

So whats the outlook here now days ?

[russman] 24/9/2015 09:29

It may take a while to rake up enough cash for the next decent deal.

[jonwig] 23/9/2015 09:27

Possibly, they've been quiet on that front recently.
but they do pay cash, so the share price itself isn't a hindrance.

[russman] 23/9/2015 09:04

I think they need to do another couple of deals.
There is lots of cheap junk around - flagging share price does not help.

[3800] 22/9/2015 20:19

It was the " Whilst our core operations are performing satisfactorily, slower income development in the US healthcare and legacy broking units and weakness in investment markets are likely to lead to the full year result being below market expectations." bit which I didn't like in the Intrim results. still holding for now maybe all the bad news is in the price, lets just home there are no more nastys to come.
3800

[topvest] 22/9/2015 19:44

Disappointing results. Will hold on to these as hopefully things will turn around in the medium term. No comment on the final dividend, but not entirely unexpected. They need to prove their worth in H2!

[speedsgh] 22/9/2015 12:59

"We continue to expect a materially better full year result in 2015 compared with 2014, subject to customary actuarial reviews. Despite a sizeable first half loss, recent positive developments on two large legacy transactions mean we have confidence in delivering a profitable outcome for the full year, which together with stronger expected cash generation to year end, has led to in the maintenance of distributions per share at 3.4p per share."

Let's hope they manage to deliver on their statements. Credibility is beginning to wear rather thin.

[jonwig] 22/9/2015 07:11

H1 results: still dogged by poor US performance which should have been cleared by now.

That fact seems to have been leaked over the past few weeks!

[speedsgh] 17/9/2015 11:13

Price hasn't been below 100p since 2012. Theoretical strong support at 90p (all-time-low). Chart still looks awful.

Anyone have any idea when interims are due? Last year was on 26th Aug.

[skyship] 07/9/2015 09:30

hybrasil - spotted yr June post just last week! Emailed, but no reply, so perhaps yr email address has changed. Will try to send you a secure message - see box below the ADVFN logo.

[jonwig] 29/7/2015 08:45

The roc resolution was passed at yesterday's AGM, so this will be the "ex-roc" drop.
I have payment of 5p due on the 10th prox.

[jonwig] 27/6/2015 06:42

IC comment on results suggests HOLD. Summary:

Randall & Quilter has a useful entry into US underwriting markets with the Accredited acquisition and a good pipeline of run-off business. Management hinted at a stronger second half and the possibility of a bigger dividend. Challenges remain, but with the attractive dividend maintained, the shares are worth keeping. Hold.

[dangersimpson2] 23/6/2015 14:41

At least he didn't sell any to cover tax. Exercise prob cost £70k+ in tax. Not as good as a director buy becasue of the dilutive effect but better than getting free shares and selling the majority to pay the tax. Strange to be awarded and exercise straight away - usually the option has time value in itself.

[speedsgh] 23/6/2015 13:11

Director/PDMR shareholding - HHTP://www.investegate.co.uk/randall---38--quilter-ld--rqih-/rns/director-pdmr-shareholding/201506231300529793Q/

"Under the terms of a grant of options made on 23 June 2015, Tom Booth, Group Chief Financial Officer of the Company has exercised options over 122,449 ordinary shares in Randall & Quilter today at a price of 2p per share..."

Wish I'd been able to get my recent top-up at a 98%+ discount to the prevailing share price!

[stemis] 22/6/2015 11:31

As ever it's almost impossible to interpret these results. It's the nature of their business that profits will be lumpy and unpredictable (to shareholders anyway). You either believe Mr Randall and Mr Quilter know what they are doing or go elsewhere. Yield is 6.8% and the outlook is bullish. So far they've never cut the dividend. Historically they have traded between 90 and 180 so relatively low at the moment. So at the moment I hold (from 111p)

[jonwig] 22/6/2015 08:59

On the basis of these results, are they a "hold" at this level?
I think so.

They repeatedly use the phrase:

... the legal costs relating to the recently concluded Syndicate 102 arbitration ...

but I can't find these legal costs actually quantified. Are they within the "Other Operating Expenses" (Note 8) which have increased by £9.7m since last year?
Since the year's loss was £4.5m, would they have made a profit (OK, a reduced one) without that issue?
(I know other one-off issues contributed.)
And tangible NAV would have been 13.5p higher.

Does it all depend on the US Re result being a temporary feature?

[hybrasil] 18/6/2015 09:13

gosh Skyship

Didnt know you were here. Bought some shares based on yesterdays rns.

Will you e mail me as I am not sure I have the right address

[stemis] 17/6/2015 08:58

Looks understatedly reassuring

[jonwig] 17/6/2015 07:09

OK, arbitration more-or-less settled and the group "... looks forward to a much stronger 2015 ..."

Results on Monday (22nd).

[speedsgh] 08/6/2015 12:45

From recent Equity Development note...

A good finish to the season -

Randall & Quilter must be in the running for deal of the week with their acquisition (subject to regulatory approval) of IC Insurance, formerly the captive insurer for Imperial Chemical Industries. IC Insurance has been in run-off since 1996 and now has only some long-tail US Employee Liabilities business and some residual losses from self-insured business and some London Market underwriting, with technical reserves shrunk to £1.9m.

At end-2014 IC Insurance has assets of £22.5m (nearly twelve times it liabilities) and R&Q is paying £17m, so the deal will throw up negative goodwill of £5.5m before expenses. Since the company did not recognise any deferred tax assets in its 2014 accounts the real gain to R&Q may ultimately be more than £5.5m. R&Q aims to achieve a transfer of engagements to R&Q Insurance (Malta) to minimise ongoing costs of managing the gradual run-off of the portfolio of risks.

[skyship] 27/5/2015 07:39

Splashing the cash on a £17m acquisition must surely suggest Management is fairly relaxed about the Syndicate 102/3330 arbitration...

"The consideration payable by R&Q in cash from existing resources and its bank facility with RBS is c. GBP17.0m."

[jonwig] 27/5/2015 07:30

Yes, that's how they make their money. A bit like those house clearance firms, I sometimes think.

We're supposed to be due a statement this month on the Syndicate 102/3330 arbitration. It's unclear to me what the money implications of a result either way would mean.

[my retirement fund] 26/5/2015 11:28

Looks good business assets to own to me.