R&q Insurance Share Discussion Threads

[riverman77] 12/5/2021 15:41

JO Hambro mentioned in their last commentary that they've been adding a few names that have lagged the recent rally, RQIH being one of them. Yes they are very bullish on the company and have a target price of 363p.
hxxps://www.johcm.com/uk/news-views/details/2274/uk-equity-income-bulletin

[red ninja] 12/5/2021 15:21

I see that J O HAMBRO CAPITAL MANAGEMENT LIMITED in yesterdays RNS have bought just over 1% to take their holding just over 7%.

A vote of confidence ahead of the results...

[alter ego] 12/4/2021 14:40

bizarre prices today. Able to sell and buy back at a profit including fees. Both transactions done one after the other. Done to consolidate holdings in a single account. First time I've ever done that and it has cost nothing.

[speedsgh] 12/4/2021 13:35

Notice of Results -

Randall & Quilter Investment Holdings Ltd, (AIM-RQIH), the leading non-life global speciality insurance company focussing on Program Management and Legacy Insurance businesses, announces that it expects to publish its results for the year ended 31 December 2020 on the 24 May 2021.

[red ninja] 25/2/2021 14:25

It's the same old story from Equity Development ie the share price is cheap.

Maybe with the Program Management side taking off, the market will start to listen this year.

[edmonda] 25/2/2021 12:24

Thx , speedsgh

The research points out the large discount in @RQIH shares vs others, and you can read the full note here:

[speedsgh] 25/2/2021 12:05

New Equity Development note...

New Programs underpin outlook - www.equitydevelopment.co.uk/research/new-programs-underpin-outlook

The group’s recent trading update confirms that growth in the Program Management division, Accredited, is firmly on track. In the twelve months to 31 Dec 2020, it recorded a 46% increase in Gross Written Premium (GWP) and 76% higher Economic Commission Revenue (ECR) at $22.7m. That reflected 18 new programs contracted (48 active programs at the year-end) and 52% higher Contracted Premium at $1,281m.

The outlook is underpinned by the Division’s entry into the US Excess & Surplus (E&S) Program Management Market in Q4 2020. That transformed Accredited into a comprehensive PM solutions provider in all its markets. The partnerships agreed during the final quarter included three by its US operation, two in Europe, and both operations report strong new business pipelines.

In January R&Q confirmed that it had received the necessary regulatory approval for investment vehicle Brickell to exchange its preferred stock for ordinary shares, effective 27 January 2021. Post that, Brickell holds just under 70m shares (25.53% of the ordinary equity).

Despite strong progress R&Q’s shares still stand at just 1.2x our estimate of tangible NAV this year, yet the speciality insurance sector has averaged a 2.3x rating over the last five years. Even a move by R&Q shares to just 1.5x NAV would put them at 218p. A move to 1.8x, still a large discount to peers and arguably justified by prospects, would imply 261p.

[breezer_42] 22/2/2021 09:07

Although it sounds dry this announcement is great news. Another datapoint proving just how fast and profitably this PM business (which was only started in 2017) can grow.

[this_is_me] 22/2/2021 07:36

Programme management continues its amazing progress and is now making a big contribution to results.

[this_is_me] 11/2/2021 13:36

You goofed - get over it.

It looks like the share price, having recovered from the virus crash, is continuing on its upwards trend.

[speedsgh] 30/1/2021 22:32

Red Ninja - Thanks for the explanation. I had missed that.This_is_me - No need for that tone whatsoever.

[red ninja] 30/1/2021 13:09

Speedsgh

I seem to remember this all to relates to the 135p cash raising in April last year. Bricknell took their holding in a subsidiary at the time which if all was in good order they could convert into RQIH company shares. The previous RNS dated 22/1/21
details the swap in equity to main company RQIH see link below :-



Thus no surprise really.

[this_is_me] 29/1/2021 23:10

You have got that entirely wrong. You should read the RNS with more care.

[speedsgh] 29/1/2021 17:59

Brickell have jumped from 9.01% shareholding on 18 Dec to 25.53% on 27 Jan! That is a sizeable increase over a short period of time. JO Hambro & Phoenix Asset Management have both reduced their holdings in recent days so Brickell have presumably picked those shares up, though can't imagine that that accounts for all the new shares acquired by Brickell.

I wonder what their intentions are? Eventual takeover?

[red ninja] 21/1/2021 19:00

I don't buy Shares mag, but have free access to it through a broker, the Shares mag (21/1/21) sent out today in the section
"More best stock ideas from fund managers".
The managers David Horner and Oliver Knot from Chelverton UK Dividend Trust (SDV) state "MOST EXCITED ABOUT FOR 2021: RANDALL & QUILTER (RQIH:AIM)"
with text :-
‘Randall & Quilter (RQIH:AIM) is a stock that we know well and have held in
the income investment trust for over 10 years, where it has delivered steady
growth and regular cash returns to shareholders.
‘The group has simplified its operations in recent years and is now focused
on two lines of business: Legacy M&A and Program Management, which began
operations in 2017 and is seeing strong growth.
‘The Covid-19 crisis is creating a positive environment within the insurance
market for both divisions, and we believe the group has a unique competitive
position from which to take advantage. With the investment case much more
‘investor friendly’ than it has been in the past and the Program Management
division likely to become more material to the group, we believe 2021 could be
the year when more growth orientated investors start to take notice.’

[this_is_me] 19/1/2021 19:05

The share price has shown positive momentum since the bottom of the virus crash.

[red ninja] 19/1/2021 12:22

I didn't realise the Slater Funds(Slater Recovery and Income), which I believe are well thought of, had holdings in RQIH :-

hxxps://www.slaterinvestments.com/wp-content/uploads/2021/01/Slater-Income-Fund-A-Fact-Sheet-December-20.pdf

hxxps://www.slaterinvestments.com/wp-content/uploads/2021/01/Slater-Recovery-Fund-A-Fact-Sheet-December-20.pdf

[red ninja] 29/12/2020 13:28

Brickell Insurance Holdings LLC increase there holding by 0.12%.
A vote of confidence.

[red ninja] 24/12/2020 12:39

Latest RNS on V?IBE aquisition :-



Looks like more deals to come early next year :-

"Commenting on today's announcement, Ken Randall, Executive Chairman of R&Q, said: "We are delighted to have agreed terms to acquire the Vibe Lloyd's Companies. R&Q takes pride in providing finality for owners and we are pleased to see clear evidence of increased demand for legacy solutions at Lloyd's throughout 2020. While logistically it has taken longer to complete deals due to Covid 19, we are pleased to report that we have a healthy pipeline of opportunities and a number of further transactions which are nearing completion. We therefore look forward to announcing further legacy transactions over the course of the next few weeks.""

[red ninja] 24/12/2020 12:34

No they have disclosed figures before eg the big Global RE aquisition :-



Another example :-