Insurance products group disposes of ‘non-core’ business in £2.6m deal
CPP Group, which provides assistance and insurance products, has completed the disposal of its minority interest in KYND Ltd to V Acquisition Ltd, part of the Verisk Analytics Inc group, for a cash consideration of £2.6m.
Leeds-headquartered CPP explains its investment in KYND was no longer a core part of its operations.
It follows CPP unveiling a “Change Management Programme”, which is designed to transform the group into an InsurTech business, led by its travel insurance company, Blink Parametric, and supported by CPP India and CPP Turkey.
In 2018 CPP Group acquired a 20% shareholding in KYND – a business which provides cyber risk management solutions – for £1.2m.
The group’s shareholding in 2021 reduced to 13.3%, on a fully diluted basis, when CPP decided not to participate in a capital raise by KYND.
As of 30 June 2023, the fair value of the group’s balance sheet investment in KYND was £2m.
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, CPP 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.”
