Albany ULR, the claims management specialist, has launched a multi-million pound investment and restructuring programme.

The company is ploughing more than a million pounds into buying out a 49% shareholding in its medico-legal subsidiary LAB.

The operation will be rebranded under the Albany name.

The change heralds an "aggressive pursuit of new business", said chief executive Bryan Irving.

"The strategic importance is that it gives us control over all the companies in the Albany group. There is total alignment of shareholders' interests.

"Some of the margin is going out of the industry and therefore profitability comes from the establishment of higher volumes transacted at lower margins.

"You've got to be positioned to attract large volumes."

Albany will also invest about £100,000 on IT and staff training. Current headcount is 300 at its base in Peterlee, Co Durham.

Group turnover was £27m last year.

It deals exclusively with before-the-event arrangements.

As well as rebranding LAB it will do the same with another subsidiary, Associated Vehicle Rentals.

The company last year made headlines for winning a contract with HSBC Select to provide claims management and uninsured loss recovery for 150,000 private car policies.