Gross written premium and programme fee income have risen sharply year-over-year, Bermudian-headquartered R&Q Insurance Holdings Ltd reported as it announced a performance update for its programme management business for the nine months ending September 30.

The non-life global specialty insurance company focusing on programme management and legacy insurance businesses said gross written premiums for the period was $1.3 billion (9m 2021: $714 million), an 83 per cent increase, while programme fee income totalled $60 million (9m 2021: $30 million), a 100 per cent increase.

The company noted that programme fee income is on a written basis and excludes its share of earnings from minority stakes in Managing General Agents.

William Spiegel, executive group chairman, said: "Our programme management business exhibited strong year-over-year growth as we continued to expand the depth and breadth of our MGA partnerships through the first nine months of 2022.

“Our team continues to find new and unique ways to meet the needs of our MGAs and reinsurance partners, as demonstrated in our recently announced multiyear transaction with Inperio.

“Additionally, I am pleased to report that our growth is broad-based with all three of our platforms – US admitted, US non-admitted, and Europe – growing GWP and fee income. Looking forward, our pipeline of new MGA opportunities remains strong."