Innovation re-signs contract with South African insurer

Innovation Group, a global provider of business process services and software solutions to the insurance and property industries has announced the re-signing of a contract in South Africa with the insurer of one of South Africa's top four banks.

Innovation Group, a global provider of business process services and software solutions to the insurance and property industries has announced the re-signing of a contract in South Africa with the insurer of one of South Africa's top four banks.

Innovation Group said that the contract had been re-signed to conform with newly implemented Binder Regulations for the insurance industry in South Africa.

The original contract was signed and announced in April 2010 with an expected value of £25m over a five year period.

The company said that due to market volume improvements and significant growth in penetration of products co-developed with this client the new forecast for the contract was £37m.

The contract is expected to continue to run until 2015 with expected revenues of approximately £8.5m for this financial year escalating to £10m per annum over the next two years, the company added.

Andy Roberts, Chief Executive Officer of the Innovation Group, commented: "This is an example of how working very closely with our clients enables us to build books of business to mutual benefit. We look forward to continued robust growth of our South African business through the use of our strong, market relevant technology suite."

Innovation Group's share price was up 0.96% to 26.25p at 11:29 on Thursday.

MF

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