R&Q Insurance 1H Pretax Loss Widened

By Elena Vardon

R&Q Insurance Holdings posted a wider pretax loss for the first half of 2023 on further adverse reserve developments, as it remains focused on the legal split of its R&Q Legacy and Accredited businesses.
The London-listed insurer on Friday posted a pretax loss of $52.1 million for the six months ended June 30 compared with a loss of $6.5 million for the same period a year earlier.

Its pretax operating loss widened to $58.0 million from a loss of $27.0 million, it said, as losses in its R&Q Legacy branch more than doubled–partly on $40.0 million of adverse reserve developments mainly from older transactions in Lloyd’s–wiping out a 86% on-year increase in its Accredited business.
Fee income rose to $55.9 million from $47.9 million, it said. Gross premiums written for Accredited rose to $1.09 billion from $807.3 million, it added.
“We are focused on trying to minimize future reserve volatility as well as driving improved underlying performance of the group through better automation and expense management,” it said.
Write to Elena Vardon at [email protected]