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Quindell adds major accident management business to law firm acquisition

Motor claims: Ai Claims Solutions deals with cases from start to finish

Quindell Portfolio plc – the company which on Tuesday announced its intention to buy Liverpool law firm Silverbeck Rymer – has continued its acquisition spree by taking a 29.9% stake in a major accident management business which will feed work to the firm.

Ai Claims Solutions plc employs around 500 people and champions an “ethical” approach to claims management. It handles motor claims from the initial incident to final resolution for a growing number of leading insurance companies, brokers, bodyshops, motor manufacturers and fleet companies.

It had a turnover of £118m in the year to 30 June 2011, with profits of £3.8m. The share exchange which funded the acquisition valued Ai at £15.1m.

Quindell’s shares on junior market AIM, which had been as low as 1.875p last autumn, peaked at 7.75p on Tuesday, before falling back nearly 5% to 7.375p yesterday.

The investment continues the development of Quindell’s insurance business, following the agreement with Silverbeck Rymer and also the purchase of medical reporting agency Mobile Doctors as it positions itself to offer a fully integrated outsourced claims service to the insurance industry.

Rob Terry, the chairman and chief executive of Quindell, said: “We are delighted to be announcing this latest strategic investment. Ai Claims Solutions broadens our overall proposition in insurance, legal services and associated medical reports, and accident management.

“We look forward to exploring with the board at Ai Claims Solutions, propositions to provide combined business offerings that will lower the cost of claims for the insurance industry.”

Legal Futures Blog

Sprat and Mackerel Solicitors – purveyors of free advice

I am sure I cannot be the only one who has observed a growing trend amongst solicitors towards giving, or needing to be prepared to give, free advice. It often seems that the pressure to do work for nothing is one which is thrust upon lawyers from outside – mainly by other organisations keen to profit from the lawyer’s desperation/naivety/philanthropy/lack of self worth (delete whichever is inappropriate). There are times when doing something for free is worthwhile. But it is a decision which should be taken for the right reasons.

February 14th, 2012

Quindell adds major accident management business to law firm acquisition