INSURANCE firm CPP is poised to return to the UK market as it prepares to launch new products after investing in two new businesses.

The firm, which previously specialised in credit card insurance, this week announced it has agreed to invest £1.2 million to take a shareholding in the cyber risk start up KYND.

KYND will use cyber risk management technology to enable businesses to monitor and understand the cyber risks they face, take action when necessary and be alerted to future risks as they arise.

Following the acquisition of Blink Innovation in March 2017, CPP says the investment in KYND further demonstrates the firm’s “commitment to investing in innovative people, businesses and products that have relevance for its distribution partners internationally”.

The two businesses will feed their products into CPP’s UK operations, headquartered at Holgate Business Park in York, as well as the wider global Group.

Last year the company’s group wide operations relocated from York to Leeds.

The products developed by KYND will be available to CPP’s current and future partners later this year.

CPP plans a re-entry into the UK market in the first half of 2018 with the new products from KYND and Blink leading the relaunch.

The move follows regulatory approval from the Financial Conduct Authority (FCA), granted in December 2017, for Blink UK to act as an insurance intermediary in the UK market.

As part of this, CPP has announce the appointment of Michael Whitfield as managing director of the new UK business.

Mr Whitfield, who has an extensive background in the insurance market, his most recent position being Acting Executive Chair of Building Block, a specialist European insurance company. will spearhead the CPP’s re-entry into the UK marke

Commenting on the investment and the re-launch of the new UK business, CPP chief executive Jason Walsh said: “I am excited about re-entering the UK market and our investment in KYND, both of which are important steps in our ongoing commitment to innovation and new product development, ensuring our partners have access to the best products for their customers.

“Cyber threats are the fastest rising risk facing organisations across the world. KYND is a UK company with the potential for global reach and I look forward to partnering with them to help them grow.”