Resources In Insurance Group Share Discussion Threads

[chicken] 24/7/2012 10:09

Additional £1 billion put aside by banks in ppi claims...more good news for RIIG who are major players in handling claims.

PPI payback rumbles on as Big Four banks set to reveal further £1billion hit

By Harry Glass

PUBLISHED: 09:48, 24 July 2012 | UPDATED: 09:48, 24 July 2012

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The hit banks are taking for mis-selling Payment Protection Insurance (PPI) continues to rise, with Britain's top four banks set to announce another £1billion of charges over the last few months.

That would take the total industry payout to nearly £8billion, and comes amid calls for an overhaul of the industry's culture and business practices following the rate-rigging scandal.

Lloyds Banking Group, Barclays, HSBC and Royal Bank of Scotland will all disclose additional charges for the period between April and June in their half-year results.
Scandal: Comes amid calls for an overhaul of the industry's culture

Scandal: Comes amid calls for an overhaul of the industry's culture

Lloyds and HSBC are expected to reveal this week that they set aside more than their PPI provisions for the first quarter of £375million and £300million respectively, Sky News said.

RBS is expected to confirm that it is making a further allocation similar to its £125million first-quarter charge when it reports on August 3, while only Barclays is expected to allocate a smaller sum than its earlier £300million provision on Friday.

[davidlloyd] 09/7/2012 15:38

YEp. Get ready for takeoff. IMO only of course.

DL

[chicken] 06/7/2012 14:24

Now over 100 flood warnings and 5 MILLION homes at risk!

[chicken] 06/7/2012 11:21

Floods, Floods and more floods.
One of the wettest Junes on record and looks like July is going the same way with 81 flood alerts today and a months rainfall due in some parts today.

In the AGM statement JF said the wet weather was great for business...Im sure they must be and have been flat out recently!! Just topped up with a few more of these.


AGM STATEMENT

The Board of RiIG, a leading provider of claims management and consultancy solutions to the UK insurance profession, announces that at its 2012 Annual General Meeting ("AGM") which will be held later today, Executive Chairman, John French will make the following statement:

"A mild winter during the latter part of the year to December 2011 and during the early months of the current year, have had an impact on the number of insurance claims normally associated within this period. However the exceptionally high wet weather conditions that have been experienced recently in terms of rain and flood related conditions, are expected to counter the situation.

[sammy_smith] 25/6/2012 15:14

I found this audio interview with John French, Executive Chairman of RIIG.

Its well worth a listen:

[charmer1_23] 19/6/2012 09:15

Thanks David, maybe it's just a well that it is still under radar. Will continue to monitor with interest for now. They state that perhaps there are similar contracts to follow in 2013 & there is a strong pipeline. The bottom line is will all this translate into profitability & will they need a cash call to prop up the balance sheet?

Edit: just checked very illiquid on the SELL side. Online limits BUY 3mil 0.5, SELL 25k 0.45, I take it there's an overhang to clear before any real movement. :-)

[davidlloyd] 19/6/2012 09:05

Highly illiquid share this one, Charmer1_23, and very little volume buys and sells with any real action limited until news released. Used to be Claims People (ticker CLM) before name change. Been in the doldrums for a while ('years')but does seem to be moving in the right direction (at last).

DL

PS that contract does represent 25% of last years turnover though, so 'significant' is a good description.

[charmer1_23] 19/6/2012 08:58

What's the history of this company? I note they had a small fundraising last year, so perhaps funds tight. Shares marked up from the off, but very muted response to this latest "significant contract" RNS. :-)

[sirraman] 19/6/2012 08:50

start of a drift upwards maybe ....quite a substantial contract ....!

[loverat] 19/6/2012 08:22

Mainly buys this am. .47p currently.

[loverat] 19/6/2012 08:09

Looks like an excellent deal for this company and more in the pipeline.

Still lots of money being made in PPI claims.

[charmer1_23] 19/6/2012 07:44

TIDMRIIG

RNS Number : 6231F

Resources In Insurance Group PLC

19 June 2012

19 June 2012

RESOURCES IN INSURANCE GROUP PLC

("RiIG", the "Group" or the "Company")

SIGNIFICANT CONTRACT WIN

The Board of RiIG, a leading provider of claims management and consultancy solutions to the UK insurance profession, is pleased to report a substantial contract win with a leading financial institution. Today's announcement marks the continuation of successive client wins in recent months.

The contract, which relates to the management of claims in connection to Payment Protection Insurance (PPI), will impact the second half of 2012. Initial indications show that the contract will represent in excess of GBP750,000 in turnover during this period. There is potential that similar contracts could follow in 2013 and the Group is in early stage discussions with a second leading bank with the view to providing a similar service for PPI claims.

The Group's performance continues to improve, as reflected in the results for the year December 2010 where losses have been reduced from GBP402,343 (2010) to a profit on operations of GBP80,385 before nonrecurring costs expended in the continued drive to change the shape of the business, resulting in a loss for the year to December 2011 of GBP90,060.

The Group has also announced its intention to broaden its services to the financial services profession through facilities for training, placement and recruitment. The Group has the skills and potential customer base and is now engaged in exploratory talks with a company able to provide the administrative support with a view to possible collaboration.

Commenting on the win, Executive Chairman John French, said:

"We are of course delighted to have secured this contract. It highlights not only our skills to operate in the traditional insurance claims sector, but also our ability to transfer our knowledge and experience to other aspects of the financial services market."

Chief Executive Officer Gordon Vater added:

"This win adds to the success we have recently achieved. The pipeline of new business prospects remains strong and we look forward to alerting the market of further contract wins in due course."

For further information:


Resources in Insurance Group plc
John French, Executive Chairman
www.riig.co.uk

Nominated Adviser/and Joint Broker [phone]
Zeus Capital Limited
Ross Andrews / Brian Stockbridge [phone]

Joint-Broker
Rivington Street Corporate Finance
Jon Levinson [phone]

Financial PR

Yellow Jersey PR Limited

Dominic Barretto [phone]

Harry Fielder

This information is provided by RNS

The company news service from the London Stock Exchange

END

CNTLLFLRRVITLIF

[beginner3] 01/6/2012 08:04

RNS for Directorate change

[chicken] 17/5/2012 11:34

HIGHLIGHTS

-- Revenue increased by 43.7% to GBP3.06m (2010: GBP2.13m);

-- Losses in the period narrowed by 77.6% from loss GBP402,343 (2010) to a loss GBP90,060 (2011);

-- Operating divisions returned an operating contribution of GBP0.703m before group costs (2010: GBP0.300m), up by 134%;

-- RiIG's profit generated on operations amounted to GBP80,385 before non recurring costs expended in the continued drive to change the shape of the business;

-- Client base continues to expand and RiIG now counts amongst its clients eight of the top insurance companies; and

-- Strong trends in the business reaffirm the management team's focus on driving the business units forward.

[soggy] 17/5/2012 07:30

Well..those finals all sound positive too. Anyone see any difficulty in them?
Heading in the right direction, in a very tough economic climate.

[chicken] 17/4/2012 11:47

All sounds positive with continued improvement in trading

[beginner3] 29/3/2012 12:19

Well David,zzzzzzzzzzzz,you are right there, it definitely not a trading stock,but its in good hands with BOD,so nothing to worry about

[davidlloyd] 29/3/2012 12:17

Zzzzzzzzzzz

DL

[sirraman] 22/3/2012 18:59

What's happening here with RIIG ...apart from nothing....the company does seem averse to putting out any updates... :o(((...

Sirra

[dicko80] 08/2/2012 10:43

it's a long term play, growth stock unless they get approached again

[davidlloyd] 08/2/2012 10:41

Someone seems to want shares (rising bid)..... interesting.

DL

[oden god of war] 05/2/2012 18:45

I am Harold Hadrada and im on lse saying news soon as this article states plenty of new work and news predicted soon im no chartist but looking back looks like we should reach the 1.-1.2 range soon and in run up to final results should push further also we dont know how much this major contract aswell as 2 more pre years end will put on a nice bit extra to the 25,000 half year and one of the new contracts could be transformational watch this space re rate coming here is the article !!!!

Claims manager Resources in Insurance Group (RIIG) continues to fire on all cylinders, and has just picked up a two-year agreement with a top 10 UK insurer.

The latest contract follows the recent win of a major contract with a leading property and travel insurer for its Verify product. Speaking to Growth Company Investor, chairman and turnaround specialist John French said 'we have picked up a lot of new business in the last few weeks and expect plenty of further news flow.'

To help finance the growth, the AIM counter has raised £130,000 at 0.4p a share. This has received the backing of serial investor Bob Morton to the tune of £100,000, with the balance picked up by French. From losses of £1.3 million in the year to December 2008, the firm has returned to the black and has no borrowings. RIIG also expects to start 2012 with a bang thanks to its strong business pipeline.

Growth is likely to be organic, indeed RIIG sees good opportunities in related services such as training and even the auditing of loss adjusters. The shares have edged ahead to 0.45p this morning - there is further to go.

[oden god of war] 04/2/2012 17:37

also of the 350 million shares in issue and from an email with JF only 100 mill odd not held by institutes with a renewed interest this will spike big soon the LSE bb is buzzing this company is going places and expect more contracts very soon and not small ones !!