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Resources In Insurance Group

  • BY: Andrew Hore |
  • POSTED: 27/04/2009 |

Insurance claims services provider Resources In Insurance Group is selling its loss adjusting division.

Operations director David Croston is paying 200,000 for Bristol-based CPA, which lost 152,000 in 2008.

RIIG felt that there was a conflict of interest between the traditional loss adjusting business, which was the original business, and its other services.

The cash will be invested in the core businesses of RIIG. New contracts will add business worth an annualised 1m.

RIIG was originally known as Claims People Group. The company joined Aim on 24 October 200 as a start-up business. It raised 1.18m at 8p a share.

RIIG provides claims handling services through i-Team, motor liability investigations through Motor Forensic and claims verification through Verify. RIIG also has a small recruitment business.

The share price has quadrupled on the day. At 0.8p a share, RIIG is valued at 1.09m.

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