AN INSURANCE giant is set to complete its buyout of Ai Claims Insurance by the end of the month.
Quindell Portfolio, a provider of expertise in software, consulting and technology-enabled outsourcing, already owned 77.6 per cent of the Blackpool Business Park-based company, but now has acceptances in place for a further 10 million shares, taking its holding to around 94 per cent.
It means the firm has applied to be de-listed from the Alternative Investment Market and shareholders have been advised the firm’s offer is valid until May 29 only. The board of Ai recommended Quindell’s offer.
A spokesman for Ai, which employs more than 200 people, said the businesses were still waiting for the sale of outstanding shares to go through, and that the move was seen as positive for the company’s future.
He added: “The process of acquisition is still going through and it won’t be complete for another week or two. Until that has completed, it is not possible for us to comment any further.”
Quindell intends to re-register Ai Claims as a private company under the relevant provisions of the Companies Act 2006 by de-listing it.
The Portsmouth-based firm recently appointed Simon Hall as CEO of its Motor Services division - a move which his Ai counterpart David Sandhu welcomed.
Mr Sandhu (left) said: “Ai welcomes the arrival of Simon, and sees his experience and influence in the industry as integral to Ai’s plans to substantially grow our presence within the automotive sector.
“The timing of Simon’s arrival perfectly supports Ai’s newly developed accident management scheme which delivers a world class service, offering sizeable revenues for vehicle manufacturers and other affinity partners.”
Mr Hall, added: “I am genuinely excited at the prospect of joining Quindell.”