Lloyds of London has renewed its business process services contract with Xchanging for five years, in a deal that is valued at £65.5 million.

Xchanging will continue to support Lloyds' market repository platform - IMR - which it built in 2008 to provide electronic processing of premiums, policies and claims for insurers and brokers.

Research director at TechMarketView, John O'Brien, claims that the deal will be "another vote of confidence in chief executive Ken Lever's ongoing turnaround at Xchanging".

Lever replaced previous CEO David Andrews in early 2011.

The company also recently won back its flagship HR deal with BAE for another year, which was initially intended to go to Logica.

Electronic services director at Xchanging, Geoff Kennard, said: "Following robust negotiations including a competitive benchmark exercise, Xchanging has concluded an agreement with Lloyds that provides excellent value for IMR users.

"The IMR is a central piece of processing infrastructure which underpins the successful transition of the market's premium accounting and claims processes from being largely paper based to being 98% electronic."

He added: "We are delighted to have been awarded this deal and are privileged to have a key role to play in the market's plans for the future."