The shareholders of the Fulcrum Group and Cardinal Insurance Management Systems are excited to announce that they have agreed in principle to conclude a transaction involving the operations of the two businesses.
This process will seek to leverage the complementary skills and focus areas of Fulcrum and Cardinal to our clients and the industry.
In essence the new structure will see Fulcrum focus solely on the services and administration offerings to the insurance market (premium collections, premium finance, Treasury and Fulcrum Flexi and CIMS Administration, service, customer support and marketing).
Cardinal will remain fully focused as a specialist insurance technology provider developing the iPlatform for Fulcrum and other enterprise clients.
Graham Harvey will continue to head up Cardinal as CEO and Brendan Horan (currently the CFO of Cardinal) will take over from Peter Gordon as CEO of Fulcrum.
It is anticipated that the equity partnerships and specialist lending business of Fulcrum will move into a new entity owned by Skein Capital (the current 100% shareholder of Fulcrum) under a new brand. Peter Gordon will run this business, focusing solely on the growth and development of the equity and lending offering.
In the meantime, it will be business as usual for Fulcrum and Fulcrum Flexi customers, who will continue to receive service through the current channels or the via Fulcrum Service Desk – 0860 109 240 or firstname.lastname@example.org.
“We will continue to update our clients and stakeholders on the progress of this transaction and look forward to realising the opportunities for growth and expansion of our business and client relationships,” said a joint statement issued by the two companies.