Cpp Holdings has set out ambitious plans to become the largest mobile phone insurer after acquiring Homecare Holdings, the mobile phone insurance subsidiary of Miller Fisher Group, for an undisclosed sum.

Less than 30% of the UK's 32 million mobile phones in the UK are insured.

“Following the acquisition, CPP aims to become the leading provider of mobile phone insurance in the UK,” said Alan Bank, chief executive of CPP Holdings Group.

Homecare has more than 300,000 customers, and has formed partnerships with retailers Pocket Phone Shop and DX communications.

CPP is the European market leader in credit and payment card protection, and also provides travel assistance and lost or stolen keys cover.