Quindell Portfolio, the AIM-listed build and buy insurance business process services (BPS) provider, confirmed it is on track to meet expectations in its first year of trading, covering the 33 weeks to 31 December. And since its pre-close update in January (see Quindell boosted by recent M&A), business in the new financial year has ‘continued positively’ with cash generation ‘encouraging’ and in line with the group’s plan. Quindell is also moving forwards on a couple of fronts to close recent investments. For instance it has now applied to the Solicitors Regulation Authority to gain approval on its proposed acquisition of the legal services firm Silverbeck Rymer (see Quindell buys again, in legal services). And it is pursuing discussions with the management of Ai Claims Solutions to see about further ‘strengthening of each other's operations’ following its near 30% stake taken in January (see here).
Quindell is no doubt an interesting and unusual suspect in the UK insurance BPS market. We hope to speak with management soon to get a better understanding of its 'big game plan'.