RANDALL & QUILTER INVESTMENT HLDG PLC The Board of Randall & Quilter (AIM:RQIH), the specialist non-life insurance investor, service provider and underwriting manager, is pleased to announce the Group's final results for the year ended 31 December 2014.
Overview
2014 was a challenging year financially but we remain confident about the prospects and outlook for the Group. Key highlights include:
- A strong contribution from new legacy transactions completed during the year and from the UK operations of the Insurance Services Division ("ISD"), particularly broker run-off and credit control services.
- Securing the contract to provide the back office support for Syndicate 2088, the newly established syndicate managed by XL Catlin and backed by China Re.
- The acquisition of Accredited, a US admitted insurance carrier rated A- by AM Best, which provides the Group with the opportunity to develop over the medium term valuable new fee income for the Underwriting Management Division ("UMD") and enhanced new business sources for our live syndicate (Syndicate 1991).
However, as commented on in the 2014 interim results and subsequent trading updates, the 2014 result was adversely impacted by reserve deterioration in R&Q Re US, the legal costs relating to the recently concluded Syndicate 102 arbitration and weaker than expected trading in the Group's US service operations.
The Board is proposing a final return of capital in respect of the 2014 financial year of 5.0 pence per share to those shareholders on the register on 28 July 2015, with payments expected to be made on or around 10 August 2015.
This will bring the total for the year to 8.4p per share (2013: 8.4p per share), reflecting our confidence in the Group's underlying trading and future prospects. There will be no option to receive an income dividend and the return of capital remains subject to the customary approval of the Group's shareholders at the forthcoming Annual General Meeting.
Click here for the full Press Release
|
distributed by
|
