Broker outsources back-office staff.
Cooper Gay staff go to Xchanging66 of its back-office staff to outsourcing firm Xchanging.
The back-office jobs in the broker’s accounting and settlement, claims and technical processing departments will be transferred immediately.
In a statement, Cooper Gay said client-facing roles would remain within the business. The outsourced staff will remain at Cooper Gay’s offices.
A spokesman for Cooper Gay said the broker had no plans to outsource further staff to Xchanging.
Jim Summers, chief executive of Cooper Gay, said: “Xchanging offers an innovative and scalable service delivery model that will support our future growth strategy and deliver sustainable process efficiencies. The choice of Xchanging as our partner was also heavily influenced by its expertise in the London insurance market.”
Clive Buesnel, global partnering director at Xchanging, said: “We will provide Cooper Gay with a modern global infrastructure with pricing flexibility and economies of scale to meet its current and future business needs.”
Xchanging floated on the London Stock Exchange in April last year.
The company is thought to be on a shortlist of technology providers compiled by Lloyd’s to develop a new electronic messaging system.
Last week, Xchanging reported a 44% increase in operating profit to £15.3m for the six months to 30 June 2008. Its half-year revenue rose 20% to £266.8m.
David Andrews, chief executive of Xchanging, said: “We are pleased with our results for the first half of 2008. Our insurance and banking platforms are developing leading positions in their respective markets and our procurement business continues to scale rapidly.
“Given our strong pipeline, we expect our rapid growth to continue, despite current economic conditions, and we remain confident in the outlook for the full financial year.”