An insurance services company enters the travel market with its latest acquisition
Sign up for free to get the latest news straight to your inbox
CPP Group UK, a managing general agent (MGA) and provider of insurance products and services, has acquired travel insurance and schemes business Alpha Underwriting.
The deal sees the Leeds-based company grow its network of brokers to over 500 in three years.
The acquisition includes Alpha’s General Insurance Broker Network and Broker Portal, which provides brokers with online quoting, purchasing and administration tools for a range of travel insurance products.
Following the acquisition, CPP will expand Alpha’s existing range of travel insurance products – which includes a range of Covid covers – for brokers on the portal, with further travel insurance enhancements to come.
This expands CPP’s portfolio of travel-related insurance products and services and sees the company build on its current position in the global parametric travel insurance market, having launched the first parametric lost baggage product. in the UK 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, CEO of CPP Group UK for the UK, said: “Diversifying into travel insurance is a natural evolution for us and builds on the successful launch of our parametric travel insurance product in the event of loss of luggage last year and on our range of parametric travel insurance solutions.
“Over the coming months, we will expand our offering on the Alpha broker portal to provide a full suite of ancillary general 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 clients from the daily disruptions of life while generating valuable income in these times. tough economy.”
RPC plans to bring its Key Insurance, Excess Protection Insurance and Total Loss Protection products for home and vehicle live on the Alpha broker portal in the next quarter.