LONDON (Alliance News) - Business processing, procurement and technology services provider Xchanging PLC on Monday said it has renewed its contract with WorkSafe Victoria to provide compensation policy and claims management services in the state of Victoria in Australia.
WorkSafe is the workplace health and safety and compensation arm of statutory authority Victorian WorkCover Authority.
Xchanging, which is in the process of being acquired, said the new five-year contract increases its market share to around 19% to 13%, and means it will continue to collect premiums, manage claims in accordance with Victoria legislation, provide risk management services to employers as well as register, and maintain employer insurance policies in the state.
Xchanging said it has been working with WorkSafe since July 2002.
No financial details of the contract were disclosed.
"The new contract demonstrates Xchanging's excellent performance in the Victoria scheme over a number of years and our deep industry expertise in the insurance industry globally," said Chief Executive Craig Wilson.
US-based Computer Sciences Corp on Thursday last week said it has secured European Union approval for its GBP480.0 million takeover of Xchanging. Having secured approval for the deal from the European Commission, CSC will now have to get the sign off from UK and German regulators before the deal can close.
Shares in Xchanging were up 1.6% at 192.00 pence on Monday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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