CPP Group UK, the Managing General Agent (MGA) and insurance product and services provider, is announcing today that it has acquired the travel insurance and scheme specialist business Alpha Underwriting.
The deal sees CPP grow its broker network to over 500-strong in just three years. The acquisition includes Alpha’s general insurance broker network and broker portal, which provides online quote, purchase and administration tools for brokers for a range of travel insurance products.
Following the acquisition, CPP will develop Alpha’s existing suite of travel insurance products – which include a range of Covid covers – to brokers on the portal, with further travel insurance enhancements coming soon.
This expands CPP’s travel-related insurance product and service portfolio and sees the business build upon its current position as a leader in the global parametric travel insurance market, having launched the UK’s first parametric lost luggage product in 2021. CPP’s parametric travel insurance ancillaries for flight delay and lost luggage delay will be available on the portal later in the year.
The deal with Alpha, part of the Tedaisy Insurance Group, is CPP’s second acquisition in three years, following the 2019 acquisition of insurance broker Business & Domestic.
Carl Carter, CEO of CPP Group UK, said: “This is an exciting acquisition for CPP Group UK, enabling us to bring our range of innovative insurance products and services to large numbers of brokers in a simple, accessible way. It’s also an important part of our growth strategy for the year ahead: branching out into travel insurance is a natural evolution for us and builds on the successful launch of our parametric lost luggage travel insurance product last year and our range of parametric travel insurance solutions.
“Over the coming months, we’ll be scaling up our offering on the Alpha broker portal to provide a comprehensive suite of general ancillary insurance products beyond the travel insurance market. We have a strong portfolio of insurance products that can add real value to the 400+ brokers on the Alpha platform, and help them protect their customers from the everyday disruptions of life whilst generating valuable revenue in these challenging economic times.”
CPP is planning to go live on the Alpha broker portal with its key insurance, excess protect insurance and total loss protect insurance products for home and vehicle within the next quarter.
