Independent reinsurance and risk intermediary Benfield has reported a 35 percent increase in its pre tax interim profits on the back of further growth in the US.

Profit before tax was £97.8 million compared to the 2005 figure of £72.3 million, with chief executive Grahame Chilton saying the first six months of the year had seen Benfield put people first.

“We have made significant investment in people across the group which has contributed to the excellent results we are announcing today,” he said. “Market conditions are challenging in loss affected areas and given this we have not changed our expectations for the full year despite the exceptional first half.

“It is in these conditions that our intellectual capital and transactional capabilities differentiate our offering and we look forward to continuing to provide our customers with the innovation and creativity for which Benfield is globally recognised.”