Quindell pays more cash for Silverbeck Rymer

THE terms of the deal between insurance outsourcing firm Quindell Portfolio and Liverpool law firm Silverbeck Rymer have changed, with the former offering a greater amount of cash for the business.

Quindell Portfolio said this morning that it had signed a “binding agreement” to acquire Silverbeck Rymer for £12m in cash and almost 96.67m shares, compared with the initial £10.25m in cash and 120.8m shares announced in January. The deal is still subject to approval from the Solicitors’ Regulation Authority and the Financial Services Authority.

The pair also announced that they had broadened their current partnering agreement, with Jim Rymer joining Quindell’s strategy and integration advisory board.

Rob Terry, chairman and group chief executive of Quindell, said: “We are delighted to have reached this agreement, which represents a key step in the building of our combined insurance outsourcing offering.

Silverbeck Rymer chairman Jim Rymer said: “Having continued to work closely with Quindell since our first announcement in January we continue to see significant benefits in being part of the enlarged group. Quindell is a major player in the insurance space and we firmly believe in its non-conflict approach to working with insurers.”