Leeds-based CPP Group, which provides assistance and insurance products, has disposed of its minority interest in KYND Limited to V Acquisition Limited, part of the Verisk Analytics, Inc. group, in a £2.6 million deal.
CPP said the investment in KYND is non-core to the Group following the announcement of its revised strategy and Change Management Programme (CMP) to transform the Group to
an InsurTech business, led by Blink Parametric and supported by CPP India and CPP Turkey.
In 2018 CPP acquired a 20% shareholding in KYND, a business which provides cyber risk management solutions, for £1.2 million. The Group’s shareholding in 2021 reduced to 13.3%, on a fully diluted basis, when the Group decided not to participate in a capital raise by KYND.
At 30 June 2023, the fair value of the Group’s balance sheet investment in KYND was £2 million. No profit or loss in respect of KYND was recognised in the Group’s income statement for the year ended 31 December 2022.
Simon Pyper, Group CEO, said: “The agreement we have reached with Verisk is consistent with our stated strategy and is another positive step as we simplify the Group and transform to an InsurTech business.”
