UK Insurance Software Provider Innovation Group Wins Major Contract

British insurance software company Innovation Group said on Wednesday it had secured a 46 million pound ($72.3 million) contract with a major client, its third and biggest new business win this year.

The deal, which will see Innovation’s products used to handle policies, claims and analytics, was hailed as a “landmark win” by Chief Executive Andy Roberts.

Shares in the group rose to an 11-month high on Wednesday, and were trading up 4 percent at 32.75 pence at 0924 GMT.

Analysts at UBS said the win was testament to Innovation’s new strategic relationships with systems integrators Deloitte and IBM, one of which helped it secure the deal.

Industry sources said the contract was likely connected to Co-operative Insurance, after it also announced a 55 million pound deal with Innovation Group’s partner IBM on Wednesday.

($1 = 0.6361 pounds) (Reporting by Paul Sandle; editing by Kate Holton)