11th Sep 2019 12:54
(Alliance News) - CPPGroup PLC on Wednesday said it has acquired UK insurance broker Business & Domestic Insurance Services.
No financial details of the deal were disclosed.
CPP has acquired the business from Motorway Direct PLC, a supplier of insurance products to the automotive industry. Business & Domestic Insurance Services' two co-founders Chris U'Dell and Linda U'Dell will join CPP as part of the acquisition.
Business & Domestic Insurance Services is a provider 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, an insurance product and services provider, said the acquisition forms a part of its move to enter the UK insurance broker market.
The deal will ultimately see CPP take on the administration of over 160,000 policies, written across a portfolio of niche products, the company noted.
"I am delighted to announce this acquisition which confirms our strategic focus on rebuilding our presence in the UK market," said CPP Chief Executive Jason Walsh.
We look forward to building the business further by combining CPP's technology capabilities with Chris and Linda's proven product expertise," added Walsh.
CPP shares were untraded on Wednesday in London, last closing at 4.50 pence each.
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