Significant Contract Win (6231F)

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

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