Insurance services firm moves into travel market with latest acquisition
CPP Group UK, a Managing General Agent (MGA) and insurance product and services provider, has acquired the travel insurance and scheme specialist business Alpha Underwriting.
The deal sees the Leeds-based company grow its broker network to over 500-strong in 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 in the global parametric travel insurance market, having launched the UK’s first parametric lost luggage product in 2021.
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, UK Country CEO of CPP Group UK, said: “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 plus 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 plans 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.