CPPGroup Plc Business Update (9177D)

TIDMCPP

RNS Number : 9177D

CPPGroup Plc

24 February 2020

24 February 2020

CPPGroup Plc

Business Update

CPP PARTNERS WITH GLOBAL INSURANCE BROKER TO OFFER SME CYBER PROTECTION IN THE UK

CPPGroup Plc (CPP or the Group) today confirms its partnership with one of the world's largest insurance brokers, Arthur J Gallagher & Co (Gallagher), for provision of CPP's new cyber product to small business clients of Gallagher's UK Retail Division.

The partnership sees CPP increasing its presence in the UK broker market, and Gallagher expanding its suite of insurance products to include a specialist cyber security solution for its smaller SME clients. The product is primarily to serve as a bolt-on addition for clients purchasing SME package insurance, provided through the Acturis insurance administration and trading platform.

The partnership follows the launch in the UK of CPP's SME-specific cyber policy on the Acturis platform just four months ago in October 2019. Gallagher is one of CPP's first major commercial insurance broker partners as a result of the Acturis launch. Through this partnership, Gallagher is proactively expanding its cyber policy offerings in the light of the ever-increasing SME cyber risk.

E stablished in 1927, Gallagher is a Fortune 500 company and a global leader in insurance brokerage, risk management, and human capital consultancy, employing more than 5,200 people in the UK.

CPP's cyber product is specifically designed to cater for the needs of SME businesses, and was the first SME-specific cyber add-on for general commercial use to become available on the Acturis platform.

The UK's 5.9 million SMEs are most at risk to cyber attacks, yet only 1 in 10 have cyber cover(1) . In 2018, 58% of cyber-attack victims were SMEs(2) , with the total cost of cybercrime across all UK SMEs amounting to GBP13.6 billion(3) .

Gallagher's existing tailored solution is focused at large and mid-sized businesses, and is not cost effective for smaller businesses. The partnership with CPP will allow Gallagher to cater specifically to the SME market, which makes up over 99% of the UK business landscape.

Barry Duffin, Managing Director of SME at Gallagher, said:

"The partnership with CPP enhances our existing cyber insurance provision. The level of cover provided, combined with a lower than market-norm excess, allows us to offer a product that specifically meets the needs of SMEs, that don't have the support of a large IT team but are exposed to cyber risk.

"We look forward to a long and mutually beneficial relationship with CPP."

Jason Walsh, Group CEO of CPP, commented:

"Gallagher is one of the biggest and best-known brokers both nationally and internationally, so it's a fantastic result to bring them on board as a partner. It gives us a strong footprint in the UK broker market, which we will continue to build upon. It also demonstrates the scale of the commercial opportunity provided by our product launch on Acturis, which has opened us up to a large network of brokers. We anticipate that this will be the first of many such partnerships."

[1] https://www.abi.org.uk/news/news-articles/2019/08/cyber-insurance-payout-rates-at-99-but-uptake-still-far-too-low/

   2   https://enterprise.verizon.com/resources/reports/dbir/ 

3 https://www.beaming.co.uk/press-releases/small-businesses-hit-hardest-by-17bn-cybercrime-bill-in-2018/

Enquiries:

CPPGroup Plc

Jason Walsh, Chief Executive Officer

Tel: [phone]

About CPP

CPP Group is a partner focused, global product and services company, specialising in the financial services and insurance markets. We use our local knowledge from 12 country markets within Asia, Europe and Central America to provide our business partners with technology-led product, marketing and distribution expertise that deliver commercial benefits and bring meaningful solutions to over 10 million end customers worldwide.

CPP's diverse range of insurance and assistance products can be designed to suit the bespoke needs of our business partners through providing their customers with peace of mind by reducing the stresses of everyday life, ranging from protection of mobile phones, payment cards and household belongings to keeping travel plans moving and the monitoring of compromised personal data.

For more information on CPP visit https://international.cppgroup.com

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CPPGroup Plc

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February 24, 2020 06:40 ET (11:40 GMT)