Acquirer will fund the purchase by issuing new shares

Insurance outsourcer The Innovation Group (TIG) has agreed to buy loss adjuster LAS Claims Management for £35m in cash.

The deal also includes a deferred payment of around £1.2m that will be paid two years after the completion of the acquisition.

TIG will fund the deal by issuing £65m-worth of new shares.

The company expects to complete the acquisition and the fund-raising before the end of March this year.

TIG chief executive Andy Roberts said: “LAS represents an excellent strategic acquisition for the Group and for our UK Property business in particular.

“The addition of LAS opens up a significant opportunity to us to broaden our service proposition in the UK property market to cover a wider range of property claim perils.”

He added: “By adding a ‘wet’ perils capability to our portfolio we will increase our addressable market and provide an excellent opportunity for future cross-selling into our respective customer bases.”