25 May 2012

Interim boost for Randall & Quilter

09/08/2010 Robert Tyerman

Insurance run-off specialist Randall & Quilter says profit commission on Lloyd's Syndicate 3330 means first-half profits will 'materially' exceed expectations.

In a robust trading update, the AIM-quoted company, whose profits collapsed from £8.8 million to £260,000 in 2009 after a big settlement to market long-tail reinsurer Equitas, says it expects full year pre-tax figures for 2010 will be 'at the top end' of market forecasts, barring 'unforeseen events'.

Last year, Randall & Quilter took over managing newly established Syndicate 3330, which provided 'reinsurance to close' for another syndicate, No 2, for underwriting years 2001 and 2002. These had been kept open, preventing syndicate backers from ending their exposure, because of continuing uncertainties over claims from the New York World Trade Center attack and other episodes. 

Managing Syndicate 3330 produced an unexpectedly large profit commission in the first six months, which the company says is the chief reason for its good profits, though it insists all its divisions performed 'better or in line with expectations'. Randall & Quilter warns any further profit commission from the syndicate for the second half year is likely to be 'significantly lower' than in the first half, but it remains confident of the overall outcome.

Broker Numis suggests full-year profits could rebound to £7.3 million and points to an attractive prospective yield of 8.1 per cent on the shares at 91p. They should outperform some sector peers.

Tags: AIM, Deals & contracts, Growth Stocks

Sector: Nonlife Insurance

Companies: Randall & Quilter Investment

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