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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Melco Resorts & Entertainment Ltd | TG:MAS | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.05 | 0.93% | 5.45 | 5.35 | 5.45 | 5.40 | 5.35 | 5.35 | 6,900 | 22:50:17 |
RNS Number:1151L Marlborough Stirling PLC 15 May 2003 15 May 2003 Marlborough Stirling plc Launch of new business and acquisition Marlborough Stirling, a leading provider of software and services to the mortgage, life, pension and investment market sectors, today announces the launch of Otter Risk Solutions as a provider of third party underwriting and claims risk management services to insurers, re-insurers and intermediaries in the life and protection markets. Otter represents a highly complementary extension of Marlborough Stirling's life and pensions outsourcing activities, providing significantly increased process expertise that sits at either end of its existing long-term administration activities. It is also expected that Otter will provide synergies with Marlborough Stirling's planned development of distribution propositions, including Exweb, by helping adapt traditional underwriting processes for use in e-commerce. This will maximise the number of new business submissions that are accepted automatically and facilitate the throughput of cases that are initially rejected due to adverse risk ratings. Otter is a recently established company in which Marlborough Stirling is acquiring a minimum shareholding of 74 per cent. The remaining shareholding in Otter will be held by Graham Spittles and John Dearing who will be Managing Director and Operations Director of Otter respectively. Otter will be operating initially from Marlborough Stirling's offices in Cheltenham and Basingstoke. Marlborough Stirling is making no payment in respect of Otter's existing negligible net assets but expects to invest over #0.5 million in Otter in the form of new share capital and inter-company loans. Marlborough Stirling will have an option to buy the minority shareholdings in Otter at any time between five and ten years from the initial investment at a price dependent on Otter's financial performance at the time the option is exercised. David Power, executive director life & pensions, comments: "Otter complements Marlborough Stirling's existing outsourcing and distribution propositions in a sector of the market where sales continue to grow. These new services can help companies reduce costs in line with the business models that regulatory pressure is demanding, whilst providing quality underwriting and claims services tailored to specific needs. We believe these services will be of tremendous value to the life and protection markets in the UK and potentially further afield." Further information: Marlborough Stirling +44 (0)1242 547000 Bob Beveridge, Finance Director David Power, Executive Director Life & Pensions Citigate Dewe Rogerson +44 (0)20 7638 9571 Toby Mountford Alex Brown About Marlborough Stirling Marlborough Stirling (www.marlborough-stirling.com) provides software and services to the mortgage, life, pension and investment market sectors. Its software and services enable financial service providers and intermediaries to meet consumers' demand for financial products that are flexible, capable of being distributed through a variety of channels and processed efficiently. The group employs approximately 1,900 people and has offices in Cheltenham, Basingstoke, Brighton, Cobham, Dudley, Halesowen, Hitchin, Dublin, Douglas in the Isle of Man, Cape Town, Madrid, Milan, Toronto and Vancouver. Clients of the group include Alliance & Leicester, Bank of Scotland, CIBC, Clerical Medical, Co-operative Insurance Society, Coventry Building Society, Egg, Legal & General, Nationwide Building Society, NBS Bank, Royal London, Sanlam and Sun Life Financial of Canada (UK). This information is provided by RNS The company news service from the London Stock Exchange END MSCNKQKQOBKDQPD
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