Quindell Portfolio plc – the company which on Tuesday 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 an
d 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.”