York life assistance firm CPP Group acquires Blink Innovation Limited in €1m deal

CPP Group Plc, the York-based insurance and assistance business, has acquired Blink Innovation Limited for an initial consideration of €1m and an earn-out based on future products developed by Blink.

The initial sum will be paid on completion with a total maximum earn-out based on up to 20% of defined profits generated up to a maximum of €20m in profits over the next five years.

Based in Cork, Ireland, Blink is a digital assistance insurance product for the travel market. The company is set to launch the world’s first real time resolution flight interruption insurance.

The primary aim of the product is to assist customers in an emergency situation due to flight cancellations. The product has been through beta testing and is due to launch April 2017.

Blink, which was founded by Paul Prendergast and Peter Bermingham, has recently partnered with Munich Re and is the only InsureTech startup in the FCA’s Project Innovate sandbox scheme.

Jason Walsh CEO of CPP Group plc said: “I am delighted to announce this acquisition of Blink and welcome Paul and Peter to CPP. The acquisition marks a significant step forward for CPP in building a global product innovation capability.

“Paul and Peter have a proven track record in developing innovative companies and I am thrilled that they are joining CPP to lead our drive in creating customer led products for our global markets.

“This will ensure that we are at the cutting edge of insurance and assistance product development in the digital space.”

Paul Prendergast, CEO of Blink added: “CPP is the natural home for the Blink team. There is a great deal of technology crossover with CPP’s existing customers and products and we are looking forward to working with the team to develop new insurance and assistance solutions.”