Motorway Direct sells Business & Domestic Insurance Services

Business & Domestic Insurance Services (B & D) has been snapped up by CPP Group UK from Motorway Direct Plc, in a deal that sees the insurtech …
Motorway Direct sells Business & Domestic Insurance Services

Business & Domestic Insurance Services (B & D) has been snapped up by CPP Group UK from Motorway Direct Plc, in a deal that sees the insurtech enter the world of insurance broking.

The transaction, financial terms of which were not disclosed, translates to CPP Group UK taking on the administration of more than 160,000 policies for niche products such as excess protection, total loss protection, legal expenses, and brown and white goods warranty.

“This is an exciting time for CPP Group UK, as we begin to broaden and diversify our product offering and operational capabilities,” commented managing director Michael Whitfield (pictured).

“The acquisition of B & D signals our entrance into the UK broker market in a very substantial way. We will rapidly expand our presence in the coming months, with more products and services in the pipeline.”

Earlier this month the Leeds-based financial assistance product provider appointed AXA alumnus Dave Ross and Zurich veteran Joanne Neill as commercial director and sales manager, respectively.

Meanwhile, B & D co-founders Chris U’Dell and Linda U’Dell will become part of CPP Group UK, with Chris assuming the newly created director of broker services position.

“B & D is a market leader in the ancillary product field, with an array of longstanding partnership relationships and a great range of innovative products,” added Whitfield.

“We very much look forward to building the business further by combining CPP’s technology capabilities with Chris and Linda’s undoubted product expertise – a great combination.”

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Insurtech CPP buys MGA to boost its broker distribution channel

Cyber and risk product insurtech – CPP Group is looking to boost its UK broker distribution channel through the acquisition of MGA Business …

Cyber and risk product insurtech – CPP Group is looking to boost its UK broker distribution channel through the acquisition of MGA Business & Domestic.

The deal sees CPP take over 160,000 policies including excess protection, total loss protection, legal expenses, and brown and white goods warranty.

CPP said it signals its entrance into the UK broker market in a ’very substantial way’.

B & D provides added-value insurance products in the UK market and has 15m annual GWP and posted a net profit of 600,000 in its most recent results.

”The broker channel is an important area of distribution,” managing director Michael Whitfield told Insurance Times. He hoped the deal would make CPP a serious player in terms of supplying products in the cyber risk products market.

”We like the B&D product range. It’s a series of ancillary products which are designed to add value to brokers’ propositions and we’re also developing a range of cyber and risk management insurance products also focused on the broker sector.”

Those products will be launched in the Autumn, Whitfield added.

Route to SME

He added that brokers were a key area for distributing CPP’s product range. ”I’ve got a long history in broking myself, so it’s a logical route for me to take in running this business”, he said.

”We think brokers are a good route for us to be able to get to SME customers, but we think the role of the broker to give advice to customers is one of the differentiators and a value add in itself”, he said.

The acquisitions are part of a sequence, Whitfield explained. Irish company Blink Innovation was bought in 2017, and now comprises CPP’s ‘innovation hub’. It also made investments in KYND, a cyber risk management business, and following the B&D acquisition Whitfield said the company was open to further acquisitions where value could be added.

People moves

As for B&D, its two founders Chris and Linda U’Dell will transfer into CPP.

”B & D is a market leader in the ancillary product field, with an array of long-standing partnership relationships and a great range of innovative products. We very much look forward to building the business further by combining CPP’s technology capabilities with Chris [U’Dell] and Linda’s [U’Dell] undoubted product expertise,” he added.

CPP’s legacy products focused on the credit card protection market. But since then it’s UK focus has been on cyber risk and other technology. These legacy policies still run on a renewal basis, but no new policies have been sold for several years, Whitfield pointed out.

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CPP Group pushes into broker space with niche broker buy

CPP Group, which describes itself as an InsurTech company and provides ancilliary products, has bought niche broker Business & Domestic …

CPP Group takes on 160,000 policies from Business & Domestic Insurance Services.

CPP Group, which describes itself as an InsurTech company and provides ancilliary products, has bought niche broker Business & Domestic Insurance Services (B&D) for an undisclosed sum.

The deal represents CPP’s first move into the UK insurance broking space.

CPP has acquired the business from B & D’s parent company, Motorway Direct, a supplier of insurance products to the automotive industry.

A statement from CPP detailed that B&D provides added value insurance products in the UK. Its products are sold exclusively through the insurance broker channel, and are designed to add to commercial, domestic, and small business insurance ranges.

Policies

The deal will ultimately see CPP take on the administration of over 160,000 policies, written across a portfolio of niche products; including excess protection, total loss protection, legal expenses, and brown and white goods warranty.

CPP also announced plans to develop a range of cyber risk mitigation and insurance products for the UK insurance broker market.

Employees transferring over to CPP Group include Chris U’Dell and Linda U’Dell, Business & Domestic’s two co-founders. Chris U’Dell will take on the newly created role of director of broker services.

Michael Whitfield, managing director of CPP Group UK, commented: “The acquisition of B & D signals our entrance into the UK broker market in a very substantial way. We will rapidly expand our presence in the coming months, with more products and services in the pipeline.

“B & D is a market leader in the ancillary product field, with an array of long-standing partnership relationships and a great range of innovative products. We very much look forward to building the business further by combining CPP’s technology capabilities with Chris and Linda’s undoubted product expertise.”

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CPP Group’s Insurtech Blink Teams Up With Canadian Travel Insurer to Roll Out Real-Time …

Blink, part of Leeds headquartered CPP Group Plc, recently announced it has teamed up with Canadian travel insurance group Manulife to support …

Blink, part of Leeds headquartered CPP Group Plc, recently announced it has teamed up with Canadian travel insurance group Manulife to support the roll-out of real-time insurance services.

CPP claimed that since its inception in 2016, Blink has quickly established itself as one of the most innovative and successful providers of flight disruption solutions to insurers across the globe and has formed a number of distribution partnerships in large markets across North America, Asia, and Europe. While sharing more details about the collaboration, Jason Walsh, Chief Executive Officer at CPP Group, stated:

“The partnership between Blink and Manulife is another demonstration of our broader strategy that focuses on international expansion and technological innovation, adding real value to the Group. Blink is transforming the travel insurance market with its parametric platform, forging new partnerships with global brands while adding significant technological capabilities to our group operations, which helps us to build deeper relationships with existing clients.”

Paul Prendergast, CEO of Blink, also commented:

“We have been working with Manulife to develop a very exciting suite of products that, once launched, will transform the customer travel insurance experience. The Manulife ethos is very much in keeping with our own focus in finding and developing innovative digital solutions with the primary goal of making customers’ travel insurance experience as efficient as possible.”

Rob Iafrate, AVP Manulife Travel Insurance, went on to add:

“The technology that Blink has developed is truly innovative and unlike anything we have seen on the market to-date. Manulife is transforming into the most digital, customer-centric company in our industry, and this partnership with Blink aligns perfectly. We are redefining insurance and how providers interact with customers to ensure efficiency and best-in-class service. We are looking forward to creating this new, convenient experience for our customers to further support them during those stressful times of flight disruption.”

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Tagged: cpp group

CPP Group’s Insurtech Blink Teams Up With Canadian Travel Insurer to Roll … Read more in: Canada, Insurtech | Tagged blink, canada, cpp group, …

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