Leeds based CPP Group UK has acquired the insurance broker, Business & Domestic Insurance Services (B&D) from Motorway Direct for an undisclosed sum.
CPP Group UK, part of CPP Group Plc has agreed a deal with Motorway Direct who is one of the UK’s largest suppliers of insurance products to the automotive sector.
The agreement will see CPP take over 160,000 customer policies, written across a portfolio of products; including excess protection, total loss protection, legal expenses, and brown and white goods warranty.
Jason Walsh, Chief Executive Officer at CPP Group, said: “This is a significant move for CPP which adds value to the company, while broadening the services we can offer to UK and global partners. It also marks a move into the insurance broker market for the first time in the Group’s history.
“It’s part of the wider strategy to continue to invest in key strategic markets and technology-led capabilities that help to deepen client relationships. The UK is a strategically important market for CPP and this provides us with immediate scale to add to our existing business and opens up new partnerships, allowing us to add value to insurers, brokers and end customers.”
The news comes after the CPP Group was named among the shortlisted firms for this year's Yorkshire Post Excellence in Business Awards.
B&D is one of the biggest providers of added value insurance products in the UK with its products sold exclusively through the insurance broker channel, and designed to enhance commercial, domestic and small business insurance ranges.
A spokesperson said the acquisition "will significantly enhance CPP’s existing range of assistance and insurance propositions, including current Key Insurance and consumer assistance products.
"These will shortly be further enhanced with the launch a new range of cyber risk mitigation and insurance products into the insurance broker market. It then plans to roll elements of the new range out across its global network.
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 business partner relationships and a great range of innovative products. We are very much looking forward to building the business further by combining CPP UK’s technology capabilities with the existing expertise within B&D.”