Leeds-based CPP Group, a provider of assistance and insurance products, has sold its minority interest in KYND Limited to V Acquisition Limited, a part of the Verisk Analytics, Inc. group, in a deal worth £2.6 million. The investment in KYND is non-core to the Group following the announcement of its revised strategy and Change Management Programme (CMP) to transform the Group into an InsurTech business, led by Blink Parametric and supported by CPP India and CPP Turkey. In 2018, CPP acquired a 20% shareholding in KYND for £1.2 million, which reduced to 13.3% in 2021. At 30 June 2023, the fair value of the Group’s balance sheet investment in KYND was £2 million, with no profit or loss recognized in the Group’s income statement for the year ended 31 December 2022. Simon Pyper, Group CEO, stated: “The agreement with Verisk is consistent with our stated strategy and is another positive step as we simplify the Group and transform into an InsurTech business.”
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