CPPGroup PLC on Thursday said that its acquisition, Blink Parametric, has signed a new partnership agreement for its flight disruption product with a large European insurer, as well as with companies in Canada.

CPPGroup is a Leeds, England-based technology-driven assistance company that creates embedded and ancillary real-time assistance products and resolution services that reduce disruption to everyday life. Blink Parametric is a parametric as a service InsurTech start-up, focussed on a flight disruption travel insurance solution to prove its parametric platform.

CPPGroup shares were up 14% at 210.44 pence each in London on Thursday morning.

Blink did not name which European insurer it had made a partnership with, but said a launch in Ireland was planned for early 2023. The company also said it has signed an agreement to launch its first offering into the US market.

CPPGroup added that Blink has extended contracts with two of its Canadian partners, following recent flight disruption product launches with Salaam Takaful Insurance, in partnership with Lloyds broker MNK Re in Pakistan, and Sanctifly, a global travel wellness brand.

In order to promote growth in the UK market, CPPGroup said it has formed a strategic partnership with Firemelon. Under the agreement, 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 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,’ said Chief Executive Officer Sid Mouncey.

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