Major new contract (0449O)

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RNS Number : 0449O

Resources In Insurance Group PLC

13 September 2011

13 September 2011

RESOURCES IN INSURANCE GROUP PLC

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

Major contract win with leading insurer

The Board of RiIG, a leading provider of claims management and consultancy solutions to the UK insurance profession, is pleased to announce today the signing of a major contract with a leading Property & Travel insurer for its Verify product.

The Company operates through its four divisions, i-Team, Verify, Consult and Surety Claims. Verify, which provides nationwide field investigation solutions across Property & Travel, Motor, Liability and Counter Fraud, was introduced on a limited test marketing basis in 2010 and, following a period of evaluation, was launched to the wider market during 2011.

Verify has secured a number of small clients in the Motor arena during 2011 and now sees its first major contract from one of the UK's leading insurers for Property and Travel investigation claims, which is expected to commence during the month of September.

The Board of RiIG believes that RiIG has made an impact within the insurance profession with its established I-Team service providing both in sourced and out sourced claims management services. Verify provides a complementary facility on which to accelerate growth of the Company's overall capabilities.

Today's win follows on from the Company's recent half year results, announced on 11 August, which saw an uplift of 48% in revenue to GBP1,373,215 (2010: GBP925,146) and a move to a profit of GBP25,382 before share option expense (2010: loss of GBP150,466). The contract sees the Company's continue to secure new business, which the Board expects will in turn build on its position of profitability.

Commenting on the contract win, Executive Chairman John French, said: "This is excellent news, following so closely on the announcement of improved trading and new business gains from existing and new clients. The win further supports the Board's belief that the Company's prospects for the remainder of the current year are encouraging."

ENQUIRIES:

Resources in Insurance Group plc

John French, Executive Chairman Mobile: [phone]

Allenby Capital Ltd - nominated adviser and joint broker Tel: [phone]

Brian Stockbridge / Alex Price

Rivington Street Corporate Finance - joint broker Tel: [phone]

Dru Edmonstone

This information is provided by RNS

The company news service from the London Stock Exchange

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