CPP Group expands travel insurance offering
Insurer CPP Group UK has acquired the travel insurance and scheme specialist business Alpha Underwriting
The deal sees CPP grow its broker network to over 500-strong in just 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.
Branching out into travel insurance
This expands CPP’s travel-related insurance product and service portfolio, having launched the UK’s first parametric lost luggage product in 2021. CPP’s parametric travel insurance ancillaries for flight delay and lost luggage delay will be available on the portal later in the year.
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: “This is an exciting acquisition for CPP Group UK, enabling us to bring our range of innovative insurance products and services to large numbers of brokers in a simple, accessible way. It’s also an important part of our growth strategy for the year ahead: 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.”
CPP is planning 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.