Quindell finalising major contracts

Insurance outsourcing firm Quindell Portfolio has announced that it is finalising contracts with three major accounts.

The group, which recently closed a deal to provide services to the RAC for five years, is currently enjoying a boost in outsourcing volume following the implementation of the Legal Aid, Sentencing and Punishment of Offenders (Laspo) reforms.

The company is at the negotiation stage of securing the new contracts now that the Laspo terms have been confirmed.

Quindell has had a strong start to the new financial year with earning before interest, tax, depreciation and amortisation for the first quarter, ended 31 March 2013, in excess of £25m – an increase of about 350% on Q1 2012.

The group is also set to overhaul its current management structure.

Quindell chairman and group chief executive officer Rob Terry said: “I would like to take this opportunity to thank all of our staff for their significant effort during this period of substantial growth that has made this the most successful quarter in our history. Operationally, the integration of our business, including the legal services operations, is ahead of plan.

“Our new management team structure, to be announced shortly, confirms our new integrated and strengthened group business development and back office operations as well as our front office divisional structures that will ensure Quindell is well prepared for completion of its initial integration plans, and that the team structure has been optimised to continue to deliver growth while still focusing on service excellence for existing and newly announced customers.”