Key highlights:
- Pre-tax loss of £4.5m (H1 14 (£0.3m)) - driven by delays in legacy acquisitions, restructuring and investment costs in US services and a lower investment return
- Positive movements in run-off portfolios with strong net reserve release of £4.3m (H1 14 (£2.3m))
- Considerable progress post period end in the completion of run-off deals, having received change of control approval for the IC Insurance acquisition and having passed a significant milestone in the largest Part VII transfer the Group has embarked upon to date
- Successful completion of sale of R&Q Marine Services Limited ('RQMS') to Hiscox at a premium to its carried value
- Continued strong performance in the UK operations of the Insurance Services Division ("ISD"), particularly broker run-off and premium credit control services
- Post period end, awarded a potential turnkey contract for a high profile new Syndicate launch in 2016, pending Lloyd's approval
- Underwriting Management Division ("UMD") revenues increased to £12.1m (H1 14 £8.1m) - driven by acquisition of Accredited, S1991 growth and China Re contract
- A satisfactory investment return of 1.1% on the Group's 'free' assets (H1 14 1.9%)
- Balance sheet strengthened through Issue of €20m Tier 2 Capital in R&Q Insurance Malta
- Proposed Distributions per share maintained at 3.4p (H1 14 - 3.4p)
