Share Name Share Symbol Market Type Share ISIN Share Description
Randall & Quilter Investment Holdings Ltd LSE:RQIH London Ordinary Share BMG7371X1065 ORD 2P (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 178.50 173.00 183.00 - 16,082 11:26:03
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonlife Insurance 0.0 30.2 13.6 13.1 491

Randall & Quilter Invest... Share Discussion Threads

Showing 1026 to 1049 of 1050 messages
Chat Pages: 42  41  40  39  38  37  36  35  34  33  32  31  Older
The Insurer - 26/8/21: Accredited enjoys the fruits of buoyant program market but lays credit to years of patience and back-office build-out The rapid expansion of the US fronting and program management sector over the past 12-18 months has been a positive feature of the P&C industry at a time of Covid gloom. And market insiders are confident the momentum will continue as both positive sector and cyclical trends combine. This includes Alan Quilter, the CEO of Randall & Quilter (R&Q) and the man who has overseen the group’s march into the fronting and program markets over the past four years. A recent filing from the London-listed company evidences a year of stellar expansion. As of 30 June 2020, Accredited had 36 separate programs on its books. A year on and the total is 60. Another strong month in July took the total to 67, the company revealed recently. Contracted premiums – the business R&Q’s operating subsidiaries expect to underwrite on behalf of its MGA counterparties – climbed 74 percent to $1.6bn at H1 2021. The last 12 month’s numbers are clearly impressive. We begin by asking what is creating this accelerating momentum? “As ever, it’s a combination of factors,” replies Quilter. First, there are the sector trends of MGAs being a fast-growing and innovative part of the insurance market. However, to grow they require a program partner to provide the licensed capacity. Then there is the fact that reinsurers increasingly see MGAs as the best way to access insurance directly from the source and prevent disintermediation from insurers. The two groups need each other but require a program partner to connect and conduct business. Quilter continues: “MGAs have also long been a home for entrepreneurs and they need reliable capacity and reliable program partners. But then we also have the cyclical trends. Capacity is generally tightened, rates and terms are generally higher. In these cases entrepreneurial MGAs need paper providers they can rely upon. The independent program companies do not go in and out of the market like insurance companies that offer paper as an accommodation. Rather, offering capacity is our core business and we are therefore steady partners for the MGAs and reinsurers. “What is important to note, however, is that while Accredited has enjoyed a strong 12-18 months, this recent success is actually built on years of patience and prudence in building out our platform.” Accredited is the brand name for R&Q’s program arm, which operates fronting operations for MGAs in both the US and Europe (EU as well as the UK). Quilter points out that R&Q first made the strategic decision to enter the space in 2017, using its already established A- rated capacity and back-office resources at a time when many existing providers were exiting. “Our shareholders have been patient in our roll-out, supporting a number of fundraises as we invest in our capacity to service a sector which has been poorly served in recent years. It is not a quick success story. Accredited turned cash flow positive in 2020 – but it has taken us four years to get to this position. It is the reward for patience and long-term investing.” And behind every transaction, points out Quilter, is a large back office of audit, compliance, claims and underwriting support. “At a group level we have 20+ actuaries, for example, who can model the underwriting assumption of every proposal that an MGA or their brokers bring to us. For every 10 proposals, we typically accept two to three. Most are discarded either because we do not agree with their assumptions or are uncomfortable with other aspects of the business.” Is he confident that some of the newer entrants to the market in recent years have the same exacting standards? “No, I’m not. There are of course competitors we have the utmost respect for and who are helping what has become an essential market develop but when you see an MGA that we have rejected then pop up with a new fronting facility supported by a newly arrived, private equity-backed fronter, one can’t help but wonder whether sufficient due diligence has been conducted.” Quilter caveats his comments, however. “Please don’t misconstrue. Overall, the sector is professional and is doing a necessary job. ”It’s also natural to be sceptical of competitor behaviour – I’ve been in the industry for 50 years and it is always been marked by fierce competition, whether it’s program management, legacy [R&Q’s other arm], broking or open market underwriting.” What does Quilter mean by a “necessary job”? “It is why R&Q entered the space in 2017-18 in the first place,” he replies. “What we saw was a market in dislocation. On the one hand, companies such as AmTrust, AIG and QBE – the then giants of program management in the US – were scaling back after poor underwriting while in Europe there had been a series of embarrassing business failures, focused around Gibraltar and Denmark. “The upshot is that this left a number of decent, well-run MGAs struggling with fronting capacity but it also coincided with a new trend – namely the insurtech revolution. We could see that innovation and entrepreneurship was attracting new MGAs and also reinsurance capacity but there was a lack of program capacity support that could bridge the two and provide licensed paper, claims and underwriting support. ”We could see the market need but crucially, we also had what the market needed – namely strong rating capacity, good relationships with regulators and decades of experience in dealing with underwriting and claims,” Quilter continues. “What we must avoid is the sector enduring another wave of disorderly exits – which is why it is so important Accredited and its competitors maintain the highest standards of corporate governance.” The sector is also continuing to grow. R&Q points to research produced by Conning which shows gross premiums written by “independent” US MGAs have grown by 10 percent per annum on average over the past five years – twice as fast as the underlying P&C sector. At the same time, reinsurers are continuing to show a hunger for supporting MGAs, enabling them to access business without (directly, at least) competing with their potential customers. “We calculate that the global MGA market is $100bn when calculated on premiums, with more than half – say $60bn – in the US. However, only 10 percent or so is probably genuinely independent, with the remainder controlled in some form by a primary carrier. It is the independents, however, where the innovation and entrepreneurship is taking place and it is they who we aim to support.” Https://www.theinsurer.com/program-manager/accredited-enjoys-the-fruits-of-buoyant-program-market-but-lays-credit-to-years-of-patience-and-back-office-build-out/17803.article
simon gordon
R and Q Accredited (RQIH subsiduary) partners with Corvus Insurance :- Corvus Partners with Program Management Solution Provider R&Q Accredited Corvus is excited to partner with leading program management solution provider R&Q Accredited for this program, backed by a panel of A+ rated reinsurers alongside Corvus Reinsurance Company. “Corvus has demonstrated they are leaders in innovative underwriting practices through their success in Cyber and other lines of business. R&Q Accredited is pleased to partner with the team to extend the set of offerings to the financial institutions segment. With a growing pipeline of new partnerships, we are excited to deliver on our mission to be the program underwriter of choice for US MGAs, MGUs, program owners and their capital partners,” said Dawn H. Puro, Chief Underwriting Officer, Casualty of R&Q Accredited America. HTtps://www.corvusinsurance.com/news/corvus-insurance-enters-financial-institutions-insurance-market-unveils-series-of-data-driven-products
red ninja
Volume on the quarterly chart indicating a major change in story and buyers buying into it. Executive Chairman and CFO with serious skin in the game and deep knowledge of the US scene and on boarding more top talent, indicate a potential trend change after the share going nowhere for 14 years. free stock charts from uk.advfn.com
simon gordon
1.5 mill buy gone through,Slater adding?
Impressive interview.On a mission.
William Spiegel on the Voice Of Insurance podcast :- HTtps://www.thevoiceofinsurance.com/podcast/episode/34eeaa8d/ep-94-william-spiegel-executive-chairman-randq-prospering-as-the-insurance-ecosystem-comes-apart Note, there is an advert at the start which you can just click past. Gives good insight to how Spiegel met Randall and Quilter and how Spiegel sees the business developing. Spiegel sounds impressive. All IMO.
red ninja
Insiderideas have done a substack post on this which you can access for free via the link in their twitter biohttps://twitter.com/InsiderIdeas?t=lgOsttm26erUTLe_dQz-DQ&s=09
Nice to see Slater buying more up to 7.89% from 5.11% (9/7/21).
red ninja
Get strapped in to that sidecar and enjoy the ride.
I thought he was just buying for the potential growth story here in program management and in the sidecar legacy funds that's why I decided to hold.
red ninja
So what does the CFO know that the rest of us don't? I sold my remaining residual holding recently so Murphy's Law says that the CFO buying presages some news around the corner that is going to give the share price a shot of steroids. Fingers crossed for remaining holders.
Yes,no mean amount either.
CFO buys again :- "Further to the announcement made on 23 September 2021, the Company has been notified that between 21 September 2021 and 23 September 2021 Thomas Solomon, the Chief Financial Officer of the Company, purchased an additional 150,000 ordinary shares in the Company. Mr Solomon holds 1,610,902 ordinary shares which represents 0.6% of the Company's issued share capital and 0.6% of the total voting rights." I'm impressed with the new CFO buying RQIH shares. I mean he doesn't have too. He gets them for free as part of his package.
red ninja
CFO buying 50k but Phoenix dropping some.Price steady.
Probably agreed sale at current market rate, thus not effecting market price.
red ninja
....and no real movement so far.
Over 11 million shares traded already today. Interesting.
Thanks Edmonda, most useful, and the price is perking up as well I think it would be good for them to get some stronger independent analyst coverage since 'paid for' research will always be looked at sceptically GLA
Some sensible comments above , and it does look a well thought out move to address matters that may have deterred investors in the past / source capital differently. Updated research out today from Equity Development takes that view too, and keeps its 240p / share fair value assessment. Full note and audio summary freely accessible here: https://www.equitydevelopment.co.uk/research/transforming-revenue-visibility
Is the penny or should I say the cent dropping here.
Well if the restructuring of legacy via GibsonRe works well and program management revenues continue to grow well. The results will hopefully speak for themselves in a couple of years.
red ninja
The restructuring looks like a sound move but they really need to work on getting II and analyst interest to see a step change in the price. GLA
Watched the Investormeet video. Getting on with their five year plan with a more solid base now.Will patiently hold.Gla.
William Spiegel (CEO) and Thomas Soloman (CFO) say concentrate on the Pre-Tax Operating Profit which it's true was -23.5 million this H1, but would have been break even if two deals signed, but not completed had been included in H1. Still disappointing I give you, but I do accept the legacy business is always lumpy. Still think the GibsonRe business is the way ahead, getting 3rd party capital involved and turning it into a recurring revenue business. It strikes me that the business had exactly the same problems with raising capital when Ken Randall was in the hot seat. Indeed RQIH (including Ken) been talking about involving 3rd party capital for quite a while so I presume the new GibsonRe is in line with Kens ideas. If the first GibsonRe is a success, then it should spawn GibsonRe1, GibsonRe2 etc etc Just listened to the Investor Meets Company presentation they seem pleased with how the Legacy and Program Management are shaping up.
red ninja
Chat Pages: 42  41  40  39  38  37  36  35  34  33  32  31  Older
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