CPPGroup Plc Business Update (9177D)
24 February 2020 - 10:40PM
UK Regulatory
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: +44 (0)7764 378580
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
REGISTERED OFFICE
CPPGroup Plc
6 East Parade
Leeds
LS1 2AD
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END
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