Alea Contracts with Cambridge for Finance and Accounting Services.New Deal Signals Expansion of Capabilities and Services GREENWICH, Conn. -- 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 The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. company, (London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. 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 SVP S'il Vous Plaît (French: Please) SVP Senior Vice President SVP Schweizerische Volkspartei (Swiss People~s Party) SVP Society of Vertebrate Paleontology SVP Social Venture Partners SVP St Vincent de Paul 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 workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. ; 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 support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services * Business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in (BPO BPO Business Process Outsourcing BPO Benevolent & Protective Order (of Elks of the USA) BPO Benzoyl Peroxide BPO Business Process Optimization BPO Broker Price Opinions BPO Buffalo Philharmonic Orchestra ) 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 IAOP International Association of Outsourcing Professionals )'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 See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). , NSE NSE - Network Software Environment: a proprietary CASE framework from Sun Microsystems. , MSE MSE Mouse (computer) MSE Materials Science & Engineering MSE Mean Squared Error MSE Mean Square Error MSE Master of Science in Engineering MSE Manufacturing Systems Engineering MSE Mechanically Stabilized Earth & ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. ) 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 immigration, entrance of a person (an alien) into a new country for the purpose of establishing permanent residence. Motives for immigration, like those for migration generally, are often economic, although religious or political factors may be very important. , 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. |
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