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Alea Contracts with Cambridge for Finance and Accounting Services New Deal Signals Expansion of Capabilities and Services for Insurance and Reinsurance Companies
Bangalore, India – October 10, 2006: Cambridge Integrated Services, the leader in innovative claims and risk management services, announced today that it has entered into a three-year contract with Alea North America, a global specialty insurance and reinsurance company, (London Stock Exchange listing ALEA) to provide finance and accounting (F&A) services, information management, and internal and external reporting services for its insurance and reinsurance businesses. This means that in addition to traditional claims management services companies can now have their insurance/reinsurance accounting, financial reporting and state filings managed by Cambridge as well. In addition to Cambridge’s own onshore and offshore F&A team, the company will assume responsibility for certain Alea employees to ensure continuity on the Alea account.
“We believe this arrangement is both creative and very unique in that it provides a great deal of synergies and ’wins’ for both Alea and Cambridge,” said Mark Jones, SVP and Head of Alea’s US Operations.
Commenting on the expanded services, Wesley O’Brien, President, Cambridge Integrated Services, said, “We are pleased to have been selected by Alea and believe the opportunity to provide F&A services to them and the insurance/reinsurance industry as a whole is a real breakthrough. By applying our business process management approach to finance and accounting, we can offer high quality specialized services to this critical market.”
About Cambridge Integrated Services
Headquartered in Greenwich, Connecticut, United States, Cambridge Integrated Services, a subsidiary of Cambridge Solutions Ltd., is one of the largest independently owned property and casualty claims and risk management services providers. Cambridge serves Fortune 500 self-insured employers, insurance carriers and public entities in the U.S., Europe and Australia. Claims services span workers' compensation; general, auto, professional and product liability; as well as property, personal lines and assumed/ceded reinsurance. Cambridge also offers a wide array of specialty risk management services including outcomes management and audit consulting, managed care, special investigations, structured settlements, and subrogation/recovery services. For more information, visit: www.cambridgeworldwide.com.
About Cambridge Solutions Ltd.
Cambridge Solutions Ltd. (HQ: Bangalore, India; USHQ: Greenwich, CT) is a strategic global outsourcing firm with deep expertise in:
- IT business consulting, application implementation, software engineering, maintenance and support services
- Business process outsourcing (BPO) for insurance, banking and financial services companies; process consulting; transaction processing, finance and accounting back office support; claims and risk management services; inbound and outbound contact centers to support all of these activities; and other processes that require knowledge-based decision making.
The Company employs over 4,000 professionals serving customers on 4 continents through over 80 locations worldwide.
With offices in the USA, Europe, India, Singapore, and Australia, Cambridge serves Fortune 500 firms, insurance and financial services companies, and public entities around the world. The company’s BPO subsidiary was named one of the top three performing BPO companies by Global Services media and neoIT in 2006, and was recently ranked as the 28th leading outsourcing company in the world in the International Association of Outsourcing Professionals (IAOP)’s “2006 Global Outsourcing 100” list, that appeared in a special advertising section in Fortune Magazine.
The Company is listed on the major stock exchanges of India (BSE, NSE, MSE & ASE) under the ticker “CAMBRIDGE”. For more information, visit: www.cambridgeworldwide.com.
About Alea
Alea is a global specialty insurance and reinsurance company with expertise in a wide range of property and casualty products and services. Alea is publicly traded on the London Stock Exchange under the ticker 'ALEA'. For more information on Alea, visit www.aleagroup.com
Safe Harbor
Certain statements in this release are forward looking statements which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services, including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns in fixed price, fixed time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, etc. The company does not undertake to update any forward looking statement that may be made from time to time by or on behalf of the company.
Media Contacts:
Melissa Arulappan
Corporate Voice|Weber Shandwick
Phone: (91) 98450-22389
melissa@corvoshandwick.co.in
Pradeep Chaudhry, CFO
Cambridge Solutions Ltd.
Phone: (91) 98860-10174
pradeep.chaudhry@cambridge-asia.com
Satyen Patel, Exec Vice Chairman
Cambridge Solutions Ltd.
Phone: (91) 99456-89631
satyen.patel@cambridge-eu.com
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