Charles Taylor Adjusting says first-half net profit grew 22% to £4.5 million ($9.71 million), driven by international expansion.

“We benefitted from our broad diversification of operations across the global insurance market,” the international loss adjuster said.

A strong performance from the insurance support services business and steady progress in the management services and owned insurance companies arms offset weaker trading conditions for adjusting services, with a market-wide reduction in complex claims continuing.

Group revenue for the first six months of this year grew 21.7% to £69.1million ($149.25 million).

“Charles Taylor has made progress in the first half… We completed a successful rights issue and have delivered on numerous significant initiatives,” CEO David Marock said.

The group raised £28.9 million ($62.41 million) after expenses through its April rights issue, with the funds earmarked for acquisitions, investment and joint ventures.

It also launched a Lloyd’s managing agency in the half year, acquired the Nordea Life and Pension and Scottish Widows International life businesses, took a stake in an insurance software specialist, expanded its offices and appointed key staff such as senior loss adjusters.

Group COO Damian Ely will become CEO of the adjusting services business on January 1, succeeding Arthur Clarke, who will retire.

Charles Taylor provides professional services to insurers and operates life insurance businesses in run-off.