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.
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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