Shares in Ondo InsurTech PLC rose on Monday after securing a contract with FTSE 100-listed insurer Admiral Group PLC.

Shares in Ondo were up 17% at 6.89 pence in mid-morning trade in London.

The London-based insurtech firm said the contract will see Admiral provide 20,000 customers with its LeakBot product over the next six months.

Ondo, previously known as Spinnaker Acquisition, completed the reverse acquisition of HomeServe Labs Ltd, trading as LeakBot, from Homeserve PLC in March.

LeakBot helps home insurers reduce claims by detecting small water leaks before they cause damage.

Admiral has over 1.3 million home insurance customers in the UK and the trial, with Admiral’s Platinum cover customer base, will be used to ‘scope out the opportunity for a larger scale roll out’.

‘We’re very pleased to be working with one of the largest insurers in the UK. We now have the evidence that we can significantly reduce claims costs for insurers and we look forward to working with the team at Admiral to apply our proven model to a wider customer base,’ said Ondo Chief Executive Craig Foster.

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