Insurance software company The Innovation Group (TIG) is raising £185m to pay for its £182m purchase of privately-owned software company Huon Holdings.
It is issuing 33.6 million shares at 550p, which will raise £176m net of expenses. TIG's shares closed at 895p on February 20, when dealing was suspended pending the proposed takeover.
TIG will pay £113m in cash for Huon, with the balance made up of new shares. Huon's chief executive, former Misys director Mike O'Leary, will join the board of the new group, but Huon's founders, brothers Malcolm and Ray Freake, will retire.
TIG's shares resumed trading on May 18. Trading in the new shares will begin on June 15.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
