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TIG buys Motorcare

Leading accident management company Motorcare has been acquired by The Innovation Group (TIG), the global insurance e-business software firm.

The purchase – £18m in cash and £15m in shares with a deferred consideration of up to £4m – will enable Motorcare to “improve the effectiveness of its accident management solution for the benefit of insurers and their customers”, said Rob Terry, TIG chairman and chief executive.

Motorcare offers accident management services for insurers through a network of body repairers. Last year it processed more than 100,000 repairs, but made a loss before tax in the year to March 31 of £1.23m.

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