Randall & Quilter's profits fall
The run-off specialist's pre-tax profit has dropped to £1.2m due to unrealised investment loss and legal costs
UK run-off specialist Randall & Quilter’s pre-tax profits have tumbled to £1.2m for the first six months of 2009, compared to £4.4m for the same period last year.
The company said the fall was due to a £2.7m unrealised investment loss on perpetuals and £2m legal costs of litigation with Equitas.
After tax, the company made a loss of £952,000 in the first half of 2009, compared to a gain of £2.6m in the same period last year.
In a statement, the company said it has expanded into captive run-off
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