The transaction marks the insurtech MGA’s second acquisition in three years
Leeds-based insurtech MGA CPP Group UK has bought travel insurance and scheme specialist Alpha Underwriting.
This deal will grow the MGA’s distribution to more than 500 brokers, as well as see it offer travel insurance policies for the first time.
As part of the transaction, CPP Group will gain Alpha’s general insurance broker network and portal, which provides brokers with online quotes.
The deal also includes Alpha’s purchase and administration tools for its travel insurance products, which CPP will look to further develop.
Carl Carter, CPP Group’s UK chief executive, said: “Over the coming months, we’ll be scaling up our offering on the Alpha broker portal to provide a comprehensive suite of general ancillary insurance products beyond the travel insurance market.
“We have a strong portfolio of insurance products that can add real value to the 400 plus brokers on the Alpha platform and help them protect their customers from the everyday disruptions of life whilst generating valuable revenue in these challenging economic times.”
The deal with Alpha, which is part of the Tedaisy Insurance Group, is CPP’s second acquisition in three years, following its 2019 purchase of insurance broker Business and Domestic.
CPP is planning to go live on the Alpha broker portal with its key insurance, excess protection insurance and total loss protection insurance products for home and vehicle within the next quarter.
The deal aims to build on CPP’s travel service portfolio, which saw the business launch a parametric lost luggage insurance product last year - this will be available in the portal shortly.
Carter added: “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.”