R&Q Insurance Holdings - FY22 Results
R&Q reported an adjusted group pre-tax operating loss for the year to end December 2022 of US$33.3m (2021 (US$21.4m)). The results were in line with guidance from the April trading statement but represented a significant deterioration YoY as strong results from the Accredited program management business were more than offset by losses in the R&Q Legacy insurance business and higher corporate costs. On an IFRS reported basis, R&Q made a loss of US$297.0m (2021 (US$127.1m)) generating a loss per share of 91.3c (2021 loss per share of 46.8c). However, approximately $205 million of this loss comprises non-cash items. In addition, R&Q plans to transition to US GAAP accounting from this year and estimates that it would have reported a loss for 2022 of $90-$115m on this basis. The results themselves are moot given the post year-end separation of the businesses and the proposed sale of the Accredited business. Much will depend on the price achieved for Accredited, how R&Q chooses to recycleRandall & 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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