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LONDONAmsterdam, Netherlands-based Xchanging B.V. has announced that it is to float on the London Stock Exchange. The company, which provides outsourcing services such as claims processing, has Lloyd's of London, Aon Ltd. and Heath Lambert Group as clients.
As part of the planned initial public offering, Xchanging will form a new holding company based in London, Xchanging P.L.C. The company said in a statement that the offer is expected to be completed in late April.
Xchanging is a part owner of Xchanging Ins-sure Services, the London market claims processing company. Lloyd's of London and the International Underwriting Association own the balance. In partnership with Lloyd's, Xchanging also owns Xchanging Claims Services Ltd., the loss-adjusting and claims management company.
In August last year, Xchanging signed a 10-year contract with Aon Ltd. to provide the broker with claims processing for all its London market reinsurance and wholesale business.
According to the company's Web site, Xchanging processes £11.4 billion ($22.34 billion) claims in 2006.