Pro Global indicates revenue rise with new contract

24th Feb 2016 16:24

(ShareCast News) - Pro Global Insurance Solutions was looking at a sizeable expansion of its operations and revenue on Wednesday, announcing it had entered into a multi-year contract with a leading global reinsurer and a leading UK insurer to provide long-tail claims management services relating to UK liability.The AIM-traded firm said the services related to both the insurer's claims reinsured by the leading global reinsurer, as well as its retained long-tail claims."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," said CEO Artur Niemczewski."It is fully aligned to our vision to be the number one specialist service provider supporting the complex operational needs of global insurers and reinsurers," he added.The new contract was material to Pro Global's profit and loss, the company's board explained, and was likely to represent an uplift in revenues of around 20% when compared to 2015.Pro Global would open a new office in Glasgow as a result of the contract. The insurer's current disease claims team would transfer to Pro Global under Transfer of Undertakings regulations, the board confirmed.