NIG INSURANCE COMPANY AND CGI SIGN A FIVE-YEAR LICENSING AGREEMENT
NIG, a leading London-based insurer within the personal and commercial insurance market, and Certis, the European operation of CGI, announced today that they have signed a five-year licensing agreement. As part of this agreement, CGI will be responsible for integrating its Ratabase® insurance rating program into NIG's existing IT insurance solutions infrastructure.
In this project, CGI will be providing NIG with customized systems integration and consulting services for their insurance solutions. CGI will also leverage its consulting expertise by assisting NIG in building flexible insurance products to integrate into the Ratabase system as well as providing NIG with helpdesk services.
"Ratabase is a fundamental part of our IT strategy for the convergence of our personal and commercial systems onto one platform," said Bob Butler, IT director of NIG, "it will empower our business users within the underwriting and actuarial functions."
Luc Pinard, executive vice-president and general manager, International, CGI added: "We are pleased to have signed this agreement with NIG. Our Ratabase rating system is highly flexible, allowing insurance clients to quickly and efficiently adapt their products to changing market requirements. We believe that this system, coupled with CGI's expertise, will enable NIG to grasp additional opportunities in the insurance industry."
CGI's own Ratabase solution is a powerful and flexible software productivity tool designed for analysts and programmers to develop algorithms, tables, and logic for insurance rating and other mathematical applications. It significantly reduces the time and costs associated with system development and maintenance. Ratabase can be utilized in a new development effort or be retrofitted into existing company developed or vendor supplied systems.
NIG, established for over 100 years in the UK, is a general insurer with gross assets in excess of £½ billion and over 3 million policyholders. NIG's Gross Written Premiums for 1999 were £ 400 million, split between personal and commercial lines. NIG has recently joined the Winterthur Group, which is part of the Credit Suisse Group, one of the ten largest financial services companies in the world, employing 64,000 staff across 30 countries.
Founded in 1976, CGI is the largest independent Canadian information technology consulting firm and the fifth largest in North America, based on its revenue run rate of CDN$1.4 billion. CGI's order backlog totals approximately CDN$7.0 billion. CGI has close to 10,000 professionals and provides end-to-end IT services and business solutions to 2,500 clients in Canada, the United States and more than 20 countries around the world. CGI's shares are listed on the New York Stock Exchange (GIB), as well as on the Toronto exchange (GIB.A). They are included in the Toronto Stock Exchange's TSE 300 Composite and TSE 100 indexes. Web site: www.cgi.ca
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This press release may contain forward looking statements that involve a number of risks and uncertainties, including statements regarding the outlook for the company's business and results of operations. There are a number of factors that could cause actual results to differ materially from those indicated. Such factors include, without limitation, the various factors set forth in the Company's annual report or Form 40F filed with the SEC and its Annual Information Form filed with Canadian securities commissions, which important factors are included here by reference.
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