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March 2, 1999

SHERWOOD ANNOUNCES FOOTHOLD IN US INSURANCE MARKET

By CBR Staff Writer

Sherwood International Plc, the London-based insurance software developer, boasted of a successful attempt to break into the US, when it reported its 1998 results Monday. The US accounted for 24% of its group revenues, or roughly 10m pounds, up from 2% two years ago, when Sherwood first attempted to cross the Atlantic. The company recently set up a Chicago office, from where it sold its flagship Amarta product to top ten insurance firm CNA for $5m, its biggest-ever single sale. The companyÆs big US break came when a deal was struck with the consultancy arm of Deloitte & Touche, under terms of which Deloitte Consulting would pick up the implementation and consultancy fees of Sherwood software sold to US insurance companies. Sherwood reported 1998 net profits up 73% at 3.5m pounds on revenues that rose 42% to 42.6m pounds. Earnings per share rose 68% to 39.9 pence.

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