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Montreal-based CGI Group Inc. (TSX:GIB.A) has received US$47.5 million in contract renewals from five insurance companies in the United States.

CGI, one of North America's largest information technology services companies, will provide processing services for the companies' automobile insurance policies.

The insurance companies, which CGI didn't identify in its announcement from Fairfax, Va., operate in the personal and commercial insurance sectors.

Some of the contracts extend to 2014 and all of the insurance companies have long-standing relationships with CGI, the company said.

Its shares opened at $15.29 on the Toronto Stock Exchange.

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