The board of motor claims management firm Ai Claims Solutions plc has now given its stamp of approval to Quindell Portfolio’s acquisition of the company (see here).
This is good news for Quindell’s CE Robert Terry, whose strategy is to provide motor claims management in addition to a range of other supporting services that insurers rely on in the claims process such as legal services, medical reporting, and access to health specialists. It is buying its way to become a sizeable outfit too – for the year ended 30 June, 2011, Ai Claims made £117.6m in turnover, and an operating profit of £4.6m.
There are plenty of challenges ahead for Terry and the former Innovation Group team as they go about bringing all of these acquisitions to market as one consistent offering. Investors knocked 5% off Quindell's shares on the news. TechMarketView subscribers can read our analysis of Quindell's prospects following a briefing with Terry in Quindell makes another curious move (update).