24th Feb 2016 16:23
LONDON (Alliance News) - Pro Global Insurance Solutions PLC on Wednesday said it has won a "material contract" in terms of its profit, likely to result in an uplift of about 20% to revenue when compared to what was achieved in 2015.
The multi-year contract was won with a "leading global reinsurer and a leading UK insurer" to provide long-tail claims management services relating to UK liability. The name of the customer was not provided.
The services relate to both the insurer's claims reinsured by the reinsurer, Pro Global said, as well as its retained long-tail claims.
Pro will be opening a new office in Glasgow, Scotland as a result of the contract. The insurer's current disease claims team will transfer over to Pro.
"Pro Global's contract with the leading global reinsurer and a leading UK insurer firmly consolidates our position as a centre of excellence for UK long-tail claims management and is fully aligned to our vision to be the number one specialist service provider supporting the complex operational needs of global insurers and reinsurers," Chief Executive Artur Niemczewski said.
Shares in Pro Global were untraded on Wednesday afternoon. The stock closed at 14.00 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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