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61.00 -1.50 (-2.39%)

Bid:

60.00

Ask:

62.50

Spread: 2.50 (4.167%)

Market Cap: £5.60m

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CPPGroup Secures Claims Handling Contract From RAC

Tue, 19th May 2020 15:57

(Alliance News) - CPPGroup PLC on Tuesday said it has won a contract to provide a claims handling service to automotive services company RAC Ltd.

The financial and insurance services provider said it will deal with all claims for Key Replace which is a supplementary benefit to the RAC's breakdown policies that covers keys that are lost, broken, stolen, or locked inside a vehicle.

CPPGroup said claims will be fulfilled by its network of fully-qualified and accredited locksmiths. It added that under the deal, the RAC will be provided with access to a suite of management information tools from CPP.

"To win the business of a major household name like the RAC speaks volumes for the headway we are making in our new UK business. We're delighted by the progress the UK business is making by developing new relationships and adding overall value to the group," said CPPGroup Chief Executive Jason Walsh.

No financial details of the deal were disclosed.

CPPGroup shares were trading 0.2% higher at 4.26 pence each on Tuesday afternoon in London.

By Ife Taiwo; ifetaiwo@alliancenews.com