Contract win for eg solutions

STAFFORDSHIRE-based financial services software supplier eg solutions has won a new contract with a UK friendly society.

The global back office optimisation software company said that following a competitive process, it had been awarded a contract with the society for its eg operational intelligence software suite.

The initial project is for a roll-out to 200 users in its life and pensions division. Subject to the success of this project, there is the potential for further roll-outs to an additional 900 users in other divisions.

Elizabeth Gooch, CEO, said: “Competition in the Back-Office Workforce Optimisation market is increasing and this contract win demonstrates that we are competing effectively against other industry players.”

The company has announced its AGM will take place at 10.30am on Thursday, June 20, 2013, at its offices in Dunston Business Village, Dunston.
 

Big operating profit rise for Direct Line

INSURANCE provider Direct Line Group has announced a first quarter operating profit of £107.5m, up 32.9% on the same period last year.

Paul Geddes, CEO, said: “We continue to make progress towards achieving our financial targets. The UK market remains competitive, particularly in motor. We made some deliberate choices in the quarter that had the effect of reducing our motor premiums. We believe these choices achieved an appropriate balance between managing risk and protecting value.

“Momentum across our five strategic pillars was sustained, and independent control of our cost base continues to present us with opportunities to improve efficiency.”
In outlook, he said the UK personal lines markets were expected to remain competitive through the course of 2013, particularly in motor and the group would continue to target underwriting profitability, even if this is at the expense of volume.

The group, which has a large operation in Birmingham, said it was also pursuing efficiency improvements and a reduction in costs.

“This strategy, alongside the benefits arising from the group’s pricing and claims transformation programmes, means that the group is on track to deliver its target of a 98% combined operating ratio for ongoing operations for full year 2013,” it said.

UK Coal dismisses speculation about the future

DAW Mill colliery operator UK Coal has denied reports that the fire which leads to the mine’s closure has left the group with major cashflow problems.

The Warwickshire colliery, whose future was in doubt anyway, was closed in February after the underground fire left it unsafe.

Press reports have claimed UK Coal could be on the verge of seeking involuntary liquidation.

However, UK Coal’s chief executive, Kevin McCullough, said the claims were unhelpful and the group’s focus was on preserving what was left of the UK coal industry and the jobs of 2,000 miners.

He said the group’s remaining mines had all been performing well and was positive the business would be profitable.