The Innovation Group (TIG), an outsourcing and technologysolutions provider to the property/casualty industry, has reachedan agreement to acquire First Notice Systems from ConcentraOperating Corporation for $51.55 million. The acquisition, which issubject to the approval of TIG shareholders, is expected to closein the fourth quarter of 2006, providing a platform for the companyto grow its insurance outsourcing business in the U.S.

Headquartered in Boston, Mass., First Notice is a provider ofclaim-reporting outsourcing services and software to theproperty/casualty insurance market in the U.S. First Notice'sprincipal focus is on handling the first notice of loss (FNOL).First Notice currently processes approximately two million claims ayear and makes 10 million outbound distributions on behalf of itsclient base, which comprises more than 100 insurance clients,including carriers, third-party administrators, and self-insuredbusinesses.

"The acquisition of First Notice gives The Innovation Groupcritical mass in the U.S.," said Hassan Sadiq, CEO of TheInnovation Group. "This strategic U.S. presence, underpinned by astrong global performance, leaves the enlarged group well placedfor future growth."