Specialist non-life insurance investor Randall and Quilter says it is clearing up a legal dispute related to its US operation while growing profits and revenues.

Total income in the six months to the end of June was £25.3m, a gain of 34% on the same period of last year. Profits before tax were up 56% at £4.6m.

Earnings per share rose 53% to 8.9p while the cash distribution has been upped 6% to 3.4p per share.

Commenting on the results, Ken Randall, Chairman and Chief Executive Officer said: "Our Lloyd's and non-USA run-off businesses continue to deliver good results.

"The claims run-off within our US subsidiaries has tended to be more volatile but the agreement reached with the Ace group as to a framework for the resolution of all outstanding legal disputes removes this source of uncertainty for the Group.

He added that "the deal pipeline remains very active".

At 10:33 the shares had gained 3.6% and are now up 18% since the start of the year.

BS

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