Randall & Quilter - FY21 Results Quick Take - Jun 22
Program Management achieved outstanding growth, and the operating leverage has really started to take effect.In Legacy, the shift to a capital-light, recurring revenue model is in full swing, but the results were marred by the $90m impairment of an asset in a subsidiary, and a negative swing in reserves – both of which have conspired to mean cash is required to repair the balance sheet. We see minimal short term risk, however, as the response to the placing and open offer has been strong: it priced at a 14% premium to the prior day's close and was oversubscribed to the point that management extended it to $125m. This is a very strong indicator of investor support for the business going forward.
Randall & Quilter Investment Holdings is a holding and investment company. Through its subsidiaries, Co. acts as owners and managers of insurance companies, live and in run-off, as underwriting managers for insurers, as participators and managers of Lloyd's syndicates, as purchasers of insurance receivables and as service providers to the non-life insurance market. Co.'s has 3 segments: insurance investments which acquires and assumes legacy portfolios, insurance debt and provides capital support to Lloyd's syndicates; insurance services which provides insurance related services; and underwriting management, which provides management to Lloyd's syndicates and operates underwriting entities.
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