CPP Group UK acquires Business & Domestic Book as it moves into broker market
InsurTech company CPP Group UK is announcing that it has acquired the insurance broker, Business & Domestic Insurance Services (B & D). The acquisition is a major move for CPP, as it launches into the insurance broker market for the first time in its history.
B & D is one of the biggest providers of added value insurance products in the UK. Its products are sold exclusively through the insurance broker channel, and are designed to enhance commercial, domestic, and small business insurance ranges.
CPP has acquired the business from B & D’s parent company, Motorway Direct Plc, one of the UK’s largest suppliers of insurance products to the automotive industry.
CPP UK new business team
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.
This range of general insurance products will significantly enhance CPP’s existing range of assistance and insurance propositions. The current Key Insurance and consumer assistance products will be further enhanced this coming autumn, when CPP will be launching a new range of cyber risk mitigation and insurance products into the UK insurance broker market. CPP then plans to roll elements of the new range out across its global network.
The acquisition forms a key part of CPP’s UK growth plans and will considerably broaden the company’s range of partnerships, enabling it to add value to insurers, brokers, and end customers.
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 role of the newly created Director of Broker Services.
Michael Whitfield, managing director of CPP Group UK, commented:
“This is an exciting time for CPP Group UK, as we begin to broaden and diversify our product offering and operational capabilities. 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 – a great combination!”
This range of general insurance products will significantly enhance CPP’s existing range of assistance and insurance propositions.