Insurance software firm on track for growth

GENERAL insurance software company SSP Holdings said today it expects to perform in line with market expectations after a strong year which has seen the group make a number of key acquisitions.

The Halifax-based group said in a trading update that its Insurer Systems and International Divisions had performed particularly well with revenues from the broker market expected to make a strong contribution to overall turnover.

The software services company said it had achieved the anticipated annualised cost savings of around £2m and that it expects to see the rewards of the acquisition of Sirius which completed in July 2007.

Executive chairman David Rasche said that the acquisition of Sirius for £43.4m had strengthened its position in the UK and international markets.

SSP's software serves underwriters and agents plus consumers in the insurance industry supply chain.

Earlier this week the company announced it had acquired insurer systems business Insure/90 for an undisclosed sum from US-based CSC Computer Sciences.

The acquisition gives SSP a further presence in the Australian and Asian markets.

The Insure/90 system is used by 14 insurers in Australia as well as others in countries including Thailand and Sri Lanka.

Mr Rasche said: “We are continuing to win a substantial level of new contracts and to build upon our existing relationships. The quality of our revenues remains very strong and we continue to have excellent forward visibility of our revenue streams.

“The directors believe that the insurance industry dynamics remain highly favourable for SSP in both the UK broker and the international insurance company systems market and that SSP will make significant further progress in the forthcoming financial year.”

SSP floated on the Alternative Investment Market in 2006 and has a market value of around £95m.

The firm is based in Halifax but has other offices in Coventry and employs around 700 staff.