Randall & Quilter (R&Q) revealed a pre-tax profit of £33.1 million for six months ending 30 June, an increase of £25.3 million compared to H1 last year.
The firm’s operational highlights included the acquisition of Global Re for $80.5 million, its largest legacy transaction.
During the first half of this year, R&A also agreed the acquisition of Sandell Re for $25 million, subject to regulatory approval. Once this deal has been completed, it will contribute to the 2019 full-year results.
It also completed five new legacy acquisitions and three legacy reinsurances in the first six months as well as the launch of 10 new programme management contracts in the US and Europe.
R&Q also announced a new leadership structure with Roger Sellek and Alan Quilter appointed as joint group CEOs, while Ken Randall continues as executive group chairman.
Commenting on the results, Randall said: “I am pleased to report a set of results reflecting both an outstanding financial performance and continuing delivery against our strategy.”
“The H1 Results have also been enhanced by a strong investment performance with a total income of £16 million against only £5.4 million for the whole of 2018.”
He added: “The business continues to perform well with an excellent pipeline of new opportunities in both legacy and programme management. The board expects that full-year results for 2019 will be in line with market expectations and we remain very positive about our medium and long term prospects, which will benefit from the emerging profits from our fast-growing program management business.”
