Statement re Homecare Insurance Limited

RNS Number : 2845F

CPPGroup Plc

16 May 2017

 

16 May 2017

CPPGroup plc

Statement re Homecare Insurance Limited

CPPGroup Plc (CPP or the Group) announces that, as part of the Group's planned strategy to place the back book business of Homecare Insurance Ltd (HIL) into a managed decline, the Prudential Regulation Authority has approved HIL's application to lift the current capital and asset (but not trading) restrictions placed on HIL in the Voluntary Variation of Permissions (VVoP) of November 2012.

This releases around £15m for potential distribution within the wider Group, whilst fully providing for HIL's current liabilities.

For further information please contact:

CPPGroup Plc

Jason Walsh, Chief Executive Officer

Tel: [phone]

Investec Bank plc

Nominated Adviser and Corporate Broker

Sara Hale; James Rudd; Carlton Nelson

Tel: [phone]

Maitland

Neil Bennett; Daniel Yea

Tel: [phone]

Notes to Editors

CPP provides a range of assistance based services to customers in the UK & Ireland and in a number of international markets across Asia, Europe and Latin America. The Company's core propositions provide peace of mind for customers covering a range of areas including lost and stolen credit cards, identity theft, insurance of mobile devices, and passport assistance.

For more information on CPP visit www.cppgroupplc.com

REGISTERED OFFICE

CPPGroup Plc

Holgate Park

York

YO26 4GA

Registered number: 07151159

 

END

 

 

STRUNUKRBKAVARR