North American Links
1. Tosca interest
John McFarlane is a director of the Tosca fund. He is also chairman of Aviva. Aviva have significant contracts with Quindell.
Aviva will have carried out due diligence on Quindell and John McFarlane will probably be privy to information on Quindell’s interest in North America.
It is possible that organisations such as Tosca and Aviva are positioning themselves to benefit from any increase in Quindells profile in North America. This would be achieved by:
• Tosca acquiring stock and benefiting from the growth potential
• Aviva possibly by partnering with Quindell, using their network to increase market share.
Aviva have a business in Canada with a 3 million customer base.
2. Share Options
Tim Scurry, who heads the North American operation, has a share option package that vest annually over a three year period.
This is longer than the year long share option package for the new directors. This could indicate that Jim Sutcliffe who is dealing with Group strategy is working on a strategy that fits with Tim Scurry’s goals for North America. .
Having a share option package for Tim Scurry that lasts for 3 years indicates that Quindell have aspirations for growth in North America.
3. Jim Sutcliffe appointment.
Jim has a large number of network connections in North America as he holds or has held senior positions with companies in the states. For example:
• Non-Executive Director of Sun Life Assurance Co. of Canada (U.S.).
• Chairman of Sun Life Financial, Canada
• Chief Operating Officer of Jackson National Life in Michigan, USA
Numerous contract awards in North America. The latest we know about being the 5 year contract announced via an RNS on the 21st October 2014.
5. Connected Car and Telematics
Business has significant presence in North America.
Business has significant presence in Canada
7. New Brokers
Board are looking to appoint new brokers. American listing requirements require more brokers than required for AIM listing.
All of the above provides an indication that North America will be playing a significant part in the growth of the Quindell business.