25 May 2012

RIIG wins new business

14/12/2011 Miles Nolan

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.

Tags: AIM market, Big insurance clients, Bob Morton, John French, New business

Sector: Support Services

Companies: Resources in Insurance Group

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