Cox Insurance Holdings, plc., the U.K.’s largest motorcycle insurer, which operates primarily out of the Lloyd’s market, announced a hefty 22 percent increase in profits for 2003 to £52.1 million ($92.8 million). The insurer also announced plans to save an additional £40 million ($71.2 million) in an outsourcing deal with CGI.
A report from Reuters indicated that the company foresees continued strong growth of between 4 and 5 percent in premium rates in its auto and motorcycle sectors for 2004, approximately the same rate of increase as it posted for 2003.
Cox’s ten year IT outsourcing contract with CGI is valued at £138 million ($246 million). “As part of the contract, CGI will become the primary manager of all aspects of the insurer’s computing infrastructure, providing applications management including support and maintenance, and development activities spanning Cox’s entire business,” said the bulletin.
Cox CEO Neil Utley commented: “Working with CGI, we will be able to stay focused on the core competency of our insurance business while benefiting from CGI’s expertise and best-of-breed technology services. CGI is a company able to provide the thought leadership and strategic focus we are looking for in a services provider.”
Topics Trends Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
London Broker Howden Plots Giant Capital Raise on IPO Path 
US P/C Industry Books Best Result in a Decade but Not All Lines Enjoy Success 
Florida Appeals Court Strikes Jury’s $335,000 Award in Universal Plumbing Claim 
Mapfre to Acquire Safety Insurance for $1.54 Billion in Cash Deal 
