Greyinvestor
29 Apr 2019
Results out today Results out today. PBT £14.3m - good Like for like EPS 7.8p v 10.5p, but then reduced to 5.8p by loss on a disposal - OK, not brilliant DPS 9.2p - uncovered NTA £1.236 v £1.053 - good This was another year of transition. DPS unlikely to increase materially for a few years. It’s down to your judgement as to future prospects. In my view they look OK, and possibly better than some more highly rated insurers. RQIH is in a bit of a sweet spot, after trialling a number of market sectors. I have a large holding. I rate it as a Hold following these results.
pasak
21 Feb 2019
New capital raisng Yes I agree but nevertheless I think that for the time being the model remains attractive. I am taking up my allocation but am not adding more as I did last time - last time being just a matter of months ago!
Greyinvestor
12 Feb 2019
New capital raisng Despite my extreme irritation over the way management has handled this, I have topped up my holding in the hope/expectation that the capital raise will lead to better things…
Greyinvestor
08 Feb 2019
New capital raisng Huge new capital raising by RQIH. Open offer to shareholders, but at a much reduced level. I strongly disapprove of ordinary shareholders being penalised again. The open offer should have provided equivalence. The company is raising huge amounts of capital relative to it’s size. Self evidently the capital (and the new debt raised previously) will have to be deployed well, or shareholders will suffer. For now, I am prepared to give management the benefit of the doubt. A Hold for me. I’m taking up the open offer, miserly though it is. In future, look after your private shareholders RQIH.
TX2
19 Sep 2018
Half year results The bonus with R&Q is the huge amount of capital distributions it has paid out over the years I have held the share.
Greyinvestor
19 Sep 2018
Half year results Results out today. I’m a big holder of RQIH, along with BPM, having sold out of Catlin, Beazley and Lancashire. NTA 117p v 105p at full year - good DPS 3.6p v 3.5p - good Continuing revenue £113m v £101m - good Investment income £2.6m v £3.8m - not good but entirely expected due to rate rises, should bounce back PBT; depends how you calculate it. I think about £4.7m. But includes discontinued businesses, and the business is moving forward fast. I’m happy with the result. £6.7m might be a truer number. Year end forecasts. Company is suggesting a strong ‘beat’. Year end PBT could vary from £12m on my ultra cautious, no change calculation, to £18m based on brokers, to a fair bit more if a big deal is signed. My conclusion: A very Strong Hold for me. As I suspected, this company has turned the corner and is now driving forward strongly. The timing of deals will determine when the new profits come through, but I’m happy to wait this out. The company could see it’s share price become more highly rated. Well done the management. You’ve been prepared to try new things, then select your winners and invest heavily in them. Look after your P.I.'s…
thirty fifty twenty
11 May 2018
at 170p big purchases pushing up price good to see that the break out has been very much confirmed,and large volumes going through the market.it seems fairly obvious that people regard RQIH as good at what they do,and that their market has plenty of opporutnities,thus a very solid 6% yield is a very tempting purchase price for many.quite possible some sort of pull back give rcent risesbut 152p should be very firm support and certianly anything sub 160p allows a very attractive yield purchaseAll IMHO, DYOR + BoLRQIH is in my portfolio
Greyinvestor
02 May 2018
Further purchases I've made some quite heavy additions to my already reasonably sized holding in RQIH.Why? I believe that the company has turned a corner and has a good chance of growing from this point. It's on a fair multiple of NTA and offers a decent yield. In short it has a good chance of being a baby Beazley or Catlin, both of which used to be part of my portfolio.I've also added a reasonable quantity of BPM, which operates in the same sector (and used to have a stake in RQIH).
thirty fifty twenty
30 Apr 2018
at 158p great results and chart break i thought the results read strongly.the best sign for me is that institutions are very keen to give them capital to deploy into their area of expertise. and the mgt is very very confident of prospects in that businesses. In my experience you dont see that level of optimism in many companies or markets.i also like that Brian Marsh of BPM is a big fan and shareholder of the business. he has shwon himself over 20 years to be connected, conservative and an expert in his business area. I see RQIH as very similar. It appers quite dull with modest growth but this compounds to be significant over time.The divi yield of 6% is a very nice annual return regardless. I think given the track record and future prospects the prospective yield should be closer to 5%.And there is great comfort from the chart break out to ATH, on reasonable volume recently and relative outperformance. Make sure you using a decent data source that needs to have adjusted for the capital buy backs in previous years.All IMHO, DYOR+ BoLRQIH is in my portfolio
Greyinvestor
30 Apr 2018
Results out today Results out. You have to look past exceptional gains, and if you do, what you see looks sensible and realistic. Very much in line with expectations. You shouldn't let the exceptional gain mislead you, though.For me RQIH has bounced back from a bad patch, and is now a good business again.A very strong Hold/Weak Buy.I have a decent sized holding and will probably add.Divi up 3.4% on the year to 8.9p.Second half weighting in the forecast is something to think about.
thirty fifty twenty
27 Apr 2018
at 150p hopeful for results the cart action for the last few months has been very positiveas have mgt comments about current porfitability and the future growth pipeline.hopefully there will be another positive outlook statement with the results,and a maintained dividend.doesn't seem like a bid coming to me but increasing profits and dividend yes.I am seeing 180p in 2 years plus diviAll IMHO, DYOR + BoLRQIH is in my top5 hldgs
pasak
12 Mar 2018
Rising sp The market likes these transactions with specialist self-insurers, the latest being Texas-based. R&Q has identified a specialist field of 'finality solutions' and management are using their skills and expertise to expand within that niche while continuing to:"... grow commission income from its licensed (and rated) carriers in the US and EU/UK, writing niche and profitable programme business, largely on behalf of highly rated reinsurers ..."I can see the sp slowly rising to 200p as the market digests this continuing story and the company remains generous in its rewards to shareholders.
paul1945
09 Jan 2018
Bought I bought last week @133.5 Good co. & management been in 2 or 3 times before & made money best of luck
Greyinvestor
09 Jan 2018
Topped up Topped up my shares today, I like companies that try to concentrate on a few good business lines, it usually improves EPS.
thirty fifty twenty
08 Jan 2018
Re: Announcement I agree that it seems an odd announcement but then they confirm excellent progress, deals to be announced soon, and say that it is all part of the 'simplification process'.doesn't seem like a bid coming to me but increasing rpfots and dividend yes.I am seeing 180p in 2 years plus diviAll IMHO, DYOR + BoLRQIH is in my top5 hldgs
