Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Blink Parametric wins new business partnerships and retains key clients
CPP Group (AIM: CPP), a provider of real-time assistance products and resolution services which reduce disruptions to everyday life for millions of customers across the world, provides an update on new business progress within its InsurTech, Blink Parametric ("Blink").
We are pleased to announce that Blink has signed a new partnership agreement for its flight disruption product with a large European insurer, with a launch in Ireland planned for early 2023. In addition, Blink has signed an agreement to launch its first offering into the US market, which is an important milestone for the business, with the US being the world's largest travel insurance market.
To promote growth in the UK market, we have formed a strategic partnership with Firemelon, a leader in providing travel insurance sales and administration systems to major travel brands. The partnership will offer to all travel insurance providers served by Firemelon's Magenta Insurance System, access to Blink's real-time platforms, and in so doing, increase speed to market. The first customers are expected to be operational on Firemelon's system in early 2023.
We are also pleased to announce that Blink has extended contracts with two of its Canadian partners. These announcements follow recent flight disruption product launches with Salaam Takaful Insurance, in partnership with Lloyds broker MNK Re in ****stan and Sanctifly, a global travel wellness brand.
These new business wins are in line with Blink's distribution strategy of partnering with large global travel insurers and seeking to deepen distribution paths into their global businesses and subsidiaries.
Good progress is being made on the programme of work to ensure the Blink business is able to scale effectively. As part of this programme, the business has recently signed an agreement with a global cross-border payments provider to facilitate real-time assistance and multi-currency cash payments to customers around the globe.
Sid Mouncey, CEO of Blink Parametric, commented:
"We are making good progress securing new business wins in new markets, retaining key clients and increasing our operational reach and scale. I am particularly encouraged by the start we have made to 2023 and am looking forward to further partner launches in the EU, UK and US markets in the coming months."
FULL YEAR REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
Resilient performance; continued strategic progress and recommencement of dividends
CPP Group (AIM: CPP), the multinational provider of personal protection and insurance products and services, is pleased to announce its full year results for the 12 months ended 31 December 2020.
Highlights
· Group revenue increased by 2% to £141.1 million (2019: £138.4 million)
· Revenue from Ongoing Operations increased by 5% to £130.1 million (2019 restated: £123.9 million).
· Adjusted EBITDA increased by 17% to £10.3 million (2019: £8.7 million). Start-up losses from our investment in business growth projects totalled £3.1 million (2019: £3.3 million) resulting in an EBITDA of £7.2 million (2019: £5.4 million).
· Operating profit increased to £3.3 million (2019: £1.6 million).
· Profit before tax increased to £2.0 million (2019: £1.1 million).
· Cash balance of £21.9 million as at 31 December 2020 (2019: £22.0 million).
· Recommencement of dividend payment - the first since 2011, with a proposed final dividend of 25 pence per ordinary share.
Strategic progress
· Effective response to COVID-19 with continued new business wins and pipeline growth in a challenging economic environment.
· Strong recovery in India, the Group's main market, with a better than expected return of partner and consumer confidence in the second half.
· Resilient performance of the renewal books in our UK and EU markets, and an encouraging performance in our Turkish operation.
· Partner base grew 10%, demonstrating our value in times of wider economic uncertainty.
· Customer numbers grew 11% to 11.7 million, showing continued consumer demand for our products and services despite the impact of COVID-19.
· Operational restructuring commenced in Q1 2021 to generate efficiencies in our Spain, Mexico and Malaysia businesses.
CPP Group (AIM: CPP), the international products and services business, announces that Chairman, Sir Richard Lapthorne, has today advised the Board of his intention to retire with effect from 31 January 2021.
Sir Richard has been Chairman of CPP Group since May 2016, during a period of material change, both in the way in which the Company and Board are managed and also in the implementation of significant management, operational and portfolio changes in the wider Group. He will be succeeded as Chairman by existing non-executive director, David Morrison, who brings more than 35 years' experience of active engagement in both private and public companies. As David said in the announcement of his appointment on 13 November, CPPGroup has demonstrated a strong track record in adding considerable value to its business partners and their customers, including investing in, or acquiring, start-up ventures and helping them grow to become significant contributors to the group's ongoing growth.
Jason Walsh, CPP Group's Chief Executive commented: "When Sir Richard was appointed as Chairman, CPP Group was facing a collapse in the renewability of its UK back book with no sight of a sustainable ongoing business to replace it, and a continued focus on historical issues. Without the full support of the Board under Sir Richard's leadership the positive progress we have made would not have been possible. He leaves the business in a much stronger position than it was in when he first joined, and I wish him all the best in his retirement."
Sir Richard added: "Over the past four and a half years the executive team has refined our global strategy, our product pipeline has been rebuilt, we have an assurance function operating worldwide that supervises regulatory compliance, the continued decline in the UK back book has been more than compensated by our growth in India and Turkey, and a new UK business is also developing positively. For me personally, CPP has been an interesting and enjoyable experience and I would like to thank my Board colleagues and, indeed all our colleagues around the world, for their extraordinary efforts in the development of the Company since 2016. I am proud of the progress that the Group has made in that time and, having assisted in bringing the Group to the position it is in today, this is a good moment for me to choose to retire and step down from the Board. I am happy that, in David, CPP Group has a successor who, with extensive experience in corporate roles, will provide the Board with new insights as the Company moves into a phase where it continues its growth and, in addition, delivers tangible rewards to its shareholders. As a significant shareholder myself, I sincerely wish him and the Company every success."
CPP's F-LITE takes off with major award win
CPPGroup Plc ("CPP" or "the Group") has launched an innovative parametric insurance product in China to provide instant non-cash compensation and support for travellers hit by delays or setbacks in their journey.
The new to market 'F-LITE' has already won the best technology innovation prize at the Asian Digital Insurance Forum 2020 and deals have been struck with partners including China Mobile International, AXA and Generali China Insurance to roll out the service to a potential customer base of 50 million.
F-LITE uses mobile technology to offer instant access to compensation if users experience flight delays and cancellations, including access to airport VIP lounges and duty-free store shopping coupons.
Upgrades to the product planned for later this year will see enhancements such as domestic airport express entry and boarding, food and drink vouchers, airport pick up service and emergency medical access added.
F-LITE accesses real-time data to provide help for customers as they need it, without needing to contact their travel insurance company, making it more efficient for consumers and providers.
Judges at the Asian Digital Insurance Forum, traditionally one of the biggest events of its kind in the world, hailed F-LITE's potential and said it reflected a "customer-first" philosophy.
Jason Walsh, CEO at CPP Group said:
"Winning this award is a reflection of the CPP ethos and corporate vision, where we only develop products based on insight and that help solve genuine consumer issues. This allows us to offer reassurance to those same consumers while adding significant value to our partners.
"This approach, combined with a strong belief in the power of local knowledge, has helped our transformation into a truly global business, allowing us to adapt, innovate and grow in markets across the world."
CPP has been advised that Oliver Laird, Chief Financial Officer has purchased a total of 21,619 ordinary shares of £1 each in the Group (the "Ordinary Shares"). Following the purchase, Oliver Laird has a total beneficial interest in 36,997 Ordinary Shares, representing approximately 0.42% of the issued share capital of the Group.
(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.
The Fca vvop is cancelled out by selling via the blink part of the group.
So they are no longer restricted.
Last thing was that negotiations with banks etc to supply services were going well and at an advanced stage but no new news on that yet.
BLINK CELEBRATES ITS DEBUT IN THE INSURTECH100 FOR 2019
CPPGroup Plc ("CPP") is pleased to announce that its InsurTech business, Blink, has made it onto The INSURTECH100. The INSURTECH100 is an annual list of the world's most innovative InsurTech companies that are solving significant industry problems, generating cost saving or efficiency improvements within insurance as selected by a panel of analysts and industry experts.
Blink is a market leader in parametric insurance product innovation, transforming its clients' complex offerings into superior service experiences with simple, intuitive, online products. The company partners globally with insurance and financial services companies, driving innovation in Asia, Europe and North America.
Blink has made it onto the list amidst strong competition in an industry which is growing at speed and where new players are joining weekly.
According to FinTech Global, the InsurTech industry has seen huge growth in the last two years as insurance companies grapple with the challenges of digital transformation and new demands from customers. Nearly $10 billion has been invested in InsurTech companies since the beginning of 2017.
CPP acquired Blink in March 2017, supporting its growth from a start-up entity to the pioneering InsurTech business it is today.
Jason Walsh, Group CEO of CPP, commented:
"We are delighted that our InsurTech business, Blink, has been recognised in this way. We identified the significant potential that Blink had to transform the core travel insurance market back in 2017 and this recognition is a testament to the exceptional work done by our talented Blink team in parametric insurance product innovation. "
A full list of The INSURTECH100 can be found at http://www.TheInsurTech100.com. More detailed information about the companies is available to download in a research pdf on the website.
For more information, please visit: www.FinTech.Global
CPP LAUNCHES SME CYBER INSURANCE PRODUCT TO UK MARKET
CPPGroup Plc ("CPP"), has today announced the launch of a new Cyber Insurance product in to the UK market, specifically designed to protect SMEs. The policy is offered by CPP Secure, the organisation's UK insurance arm, and is available on the Acturis platform.
The Cyber Insurance policy is the first product launch by the UK business since its recent entry into the insurance broker market, following the acquisition of broker Business & Domestic Insurance Services.
More than half of malware attack victims are classed as small businesses. The new Cyber Insurance policy from CPP will provide affordable, accessible full cover to organisations with revenues up to £20 million. It also includes an extensive range of services such as direct access to a 24/7 helpline, free antivirus software, and cloud-hosted backup storage. Should an incident occur, the policy provides access to a specialist IT forensic company to investigate what data has been compromised. Public relations support will also be available to mitigate against any potential reputational damage.
The new product has been launched on the industry-specific Acturis platform, used by more than 20,000 insurers and brokers. It is available on the platform for stand-alone sale or as a product bought alongside other insurance.
CPP ACQUIRES BUSINESS & DOMESTIC BOOK AS IT MOVES INTO THE UK INSURANCE BROKER MARKET
CPPGroup Plc ("CPP" or "the Group") the partner focused, global product and services company, is today announcing it has acquired the UK insurance broker, Business & Domestic Insurance Services (B&D). The acquisition is a major move for CPP, as it launches into the UK insurance broker market.
B&D is one of the largest providers of added value insurance products in the UK. Its products are sold exclusively through the insurance broker channel, and are designed to enhance commercial, domestic, and small business insurance ranges.
The deal will ultimately see CPP take on the administration of over 160,000 policies, written across a portfolio of niche products; including excess protection, total loss protection, legal expenses, and brown and white goods warranty.
The acquisition forms a key part of CPP's UK growth plans and will considerably broaden the Company's range of partnerships, enabling it to add value to insurers, brokers, and end customers.
CPP has acquired the B&D business from Motorway Direct Plc, one of the UK's largest suppliers of insurance products to the automotive industry. B&D's two co-founders Chris U'Dell and Linda U'Dell will be joining CPP as part of the acquisition.
Commenting on the acquisition, Jason Walsh CEO of CPP said:
"I am delighted to announce this acquisition which confirms our strategic focus on rebuilding our presence in the UK market. B&D is a market leader in the ancillary product field, with an array of long-standing partner relationships and a great range of innovative products. We look forward to building the business further by combining CPP's technology capabilities with Chris and Linda's proven product expertise."
CPP has been advised that Non-Executive Director, Tim Elliott, has purchased a total of 150,000 ordinary shares of 1 pence each in the Group (the "Ordinary Shares"). Following the purchase, Tim Elliott has a total beneficial interest in 325,000 Ordinary Shares, representing approximately 0.038% of the issued share capital of the Group.
Price(s) and volume(s)
4.65 pence 150,000