Welcome to the new morningstar.co.uk! Learn more about the changes and how our new features help your investing success.

CPPGroup Enters UK Insurance Broker Market Buying Motorway Direct Unit

(Alliance News) - CPPGroup PLC on Wednesday said it has acquired UK insurance broker Business & ...

Alliance News 11 September, 2019 | 12:54PM
Email Form

(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.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
CPPGroup PLC 4.20 GBX -8.50 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation


By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites