Calliden Group will pocket $8.3 million in profit from the sale of its 50% shareholding in Claims Services Australia (CSA).

UK-based insurance software and outsourcing specialist Innovation Group has paid $10 million for the shareholding, which has a book value of $1.7 million. This purchase gives Innovation 100% ownership of CSA.

Innovation Group MD Asia & Australia Martin Jones says this acquisition will allow his company to “add considerable depth and ability to our operations” and gives it access to the Australian claims market.

For Calliden the sale will be an immediate boost to its bottom line. Earlier this year Calliden signed a five-year claims service agreement with CSA for its home and motor portfolio and took its commercial claims in-house.

Calliden CEO Nick Kirk told insuranceNEWS.com.au the sale “ticked all the boxes”.

“We’ve been with CSA since 2006, and with our joint venture we were in some ways an impediment to their growth. It suited both parties for us to sell.”

Mr Kirk says Calliden’s strong working relationship with CSA will continue. “We believe they will be able to provide additional scale and efficiency benefits that are associated with being a leading global claims management provider.”