Insurance products group takes final step in withdrawal from legacy operations

Leeds-headquartered CPP Group, which provides assistance and insurance products, has disposed of its legacy operations in Italy through the sale of its wholly owned subsidiary, CPP Italia Srl (CPP Italy).

This has been sold off to IGS EMEA SL for a cash consideration of €500,000/£421,000.

CPP Italy is non-core to the group following confirmation in October 2022 of its revised strategy to withdraw from its legacy operations and to transform itself into a digitally focused parametric business led by InsurTech platform Blink Parametric and supported by CPP India and CPP Turkey.

For the 2023 financial year, CPP Italy contributed EBITDA of £200,000 to the group’s overall EBITDA of £4.8m and recorded a profit before tax of £100,000.

As of 31 December 2023, CPP Italy had net assets of £100,000. The impact of the disposal will, therefore, not be material to the group.

CPP says the sale marks the final step in its withdrawal plans from its legacy operations, with Spain and Portugal closed, Italy and Mexico sold, and the UK in active run-off.

Simon Pyper, group CEO, said: “The disposal of CPP Italy is consistent with our stated strategy and is another positive step as we simplify the group and transform to a digitally led parametric business.”