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In July 2013 the company completed a management buy-out backed by the private equity firm [[AnaCap Financial Partners]].<ref>{{cite news|last=Quinn|first=James|date=17 July 2013|title=Simply Business management buy-out|work=[[The Daily Telegraph|The Telegraph]]|location=London|url=http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/insurance/10185916/Brit-sells-out-of-small-business-insurance-specialist.html|accessdate=2013-07-30}}</ref> In April 2015, AnaCap sold its stake in Simply Business to Aquiline Capital Partners for £120m.<ref>{{cite news |first=Oliver |last=Ralph |title=Travelers buys Simply Business for £400m in digital push|url=https://www.ft.com/content/d721f5fe-07fe-11e7-ac5a-903b21361b43 |newspaper=[[Financial Times]] |date=13 March 2017 |access-date=11 May 2021}}</ref>
In July 2013 the company completed a management buy-out backed by the private equity firm [[AnaCap Financial Partners]].<ref>{{cite news|last=Quinn|first=James|date=17 July 2013|title=Simply Business management buy-out|work=[[The Daily Telegraph|The Telegraph]]|location=London|url=http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/insurance/10185916/Brit-sells-out-of-small-business-insurance-specialist.html|accessdate=2013-07-30}}</ref> In April 2015, AnaCap sold its stake in Simply Business to Aquiline Capital Partners for £120m.<ref>{{cite news |first=Oliver |last=Ralph |title=Travelers buys Simply Business for £400m in digital push|url=https://www.ft.com/content/d721f5fe-07fe-11e7-ac5a-903b21361b43 |newspaper=[[Financial Times]] |date=13 March 2017 |access-date=11 May 2021}}</ref>


In August 2017, Simply Business expanded to the US after [[The Travelers Companies]] acquired the company from Aquiline Capital Partners for approximately $490 million.<ref>{{cite news |first=Oliver |last=Ralph |title=Travelers to Buy U.K. Insurance Brokerage From Aquiline|url=https://www.wsj.com/articles/travelers-to-buy-u-k-insurance-brokerage-from-aquiline-1489421154?mod=article_inline|newspaper=Wall Street Journal |date=13 March 2017 |access-date=30 October 2023}}</ref><ref>{{cite news |first=Oliver |last=Ralph |title=Travelers to Buy U.K. Insurance Brokerage From Aquiline|url=https://www.businessinsider.com/insurer-travellers-acquires-simply-business-for-490-million-2017-3|newspaper=Business Insider |date=13 March 2017 |access-date=24 October 2023}}</ref>
Simply business launched their first office in the United States in December 2016.<ref>{{cite news |first=Oliver |last=Ralph |title=Travelers to Buy U.K. Insurance Brokerage From Aquiline|url=https://www.businessinsider.com/insurer-travellers-acquires-simply-business-for-490-million-2017-3|newspaper=Business Insider |date=13 March 2017 |access-date=24 October 2023}}</ref> In March 2017, [[The Travelers Companies]] acquired the company from Aquiline Capital Partners for approximately $490 million.<ref>{{cite news |first=Oliver |last=Ralph |title=Travelers to Buy U.K. Insurance Brokerage From Aquiline|url=https://www.wsj.com/articles/travelers-to-buy-u-k-insurance-brokerage-from-aquiline-1489421154?mod=article_inline|newspaper=Wall Street Journal |date=13 March 2017 |access-date=30 October 2023}}</ref>


In November 2018, David Summers, then UK CEO, replaced Jason Stockwood as Group CEO.<ref>{{cite web |first=Mark |last=Richardson|title=Jason Stockwood takes new role in Simply Business management shake-up|url=https://www.insurancetimes.co.uk/news/jason-stockwood-takes-new-role-in-simply-business-management-shake-up/1428821.article|publisher=Insurance Times |date=19 November 2018 |access-date=30 October 2023}}</ref>
In November 2018, David Summers, then UK CEO, replaced Jason Stockwood as Group CEO.<ref>{{cite web |first=Mark |last=Richardson|title=Jason Stockwood takes new role in Simply Business management shake-up|url=https://www.insurancetimes.co.uk/news/jason-stockwood-takes-new-role-in-simply-business-management-shake-up/1428821.article|publisher=Insurance Times |date=19 November 2018 |access-date=30 October 2023}}</ref>

Revision as of 00:41, 14 December 2023

Simply Business
Company typePrivate
IndustryInsurance
Founded2005; 19 years ago (2005)
HeadquartersLondon, United Kingdom
Key people
David Summers (Group CEO)
ProductsBusiness insurance, Shop insurance and Landlord insurance
Revenue£148.6m million (2022)
Number of employees
800

Simply Business is a digital broker and agency for small business insurance.[1]

History

Xbridge, Simply Business’ holding company, was founded by Brad Liebmann.[1] Simply Business was launched in 2005 as an online broker for business insurance and the trading name of Xbridge.[2]

In 2010, Jason Stockwood joined the company as chief executive officer.[3]

In July 2013 the company completed a management buy-out backed by the private equity firm AnaCap Financial Partners.[4] In April 2015, AnaCap sold its stake in Simply Business to Aquiline Capital Partners for £120m.[5]

Simply business launched their first office in the United States in December 2016.[6] In March 2017, The Travelers Companies acquired the company from Aquiline Capital Partners for approximately $490 million.[7]

In November 2018, David Summers, then UK CEO, replaced Jason Stockwood as Group CEO.[8]

In 2021, Simply Business was selected to participate in the Amazon Insurance Accelerator Program to distribute general liability coverage to Amazon sellers.[9] As of 2022, the company's revenue was reportedly £148.6m.[10]

The company is a certified B Corp.[11] As of 2023, the company had over 900,000 customers globally.[12]

References

  1. ^ a b "Boston digital insurer Simply Business teams up with AmSuisse". Fintech Global. 24 March 2023. Retrieved 22 October 2023.
  2. ^ Quinn, James (17 July 2013). "Travelers to Buy U.K. Insurance Brokerage From Aquiline". The Telegraph. Retrieved 24 October 2023.
  3. ^ Johnson, Branwell (6 May 2010). "SimplyBusiness.co.uk recruits Jason Stockwood". Marketing Week. Retrieved 22 October 2023.
  4. ^ Quinn, James (17 July 2013). "Simply Business management buy-out". The Telegraph. London. Retrieved 2013-07-30.
  5. ^ Ralph, Oliver (13 March 2017). "Travelers buys Simply Business for £400m in digital push". Financial Times. Retrieved 11 May 2021.
  6. ^ Ralph, Oliver (13 March 2017). "Travelers to Buy U.K. Insurance Brokerage From Aquiline". Business Insider. Retrieved 24 October 2023.
  7. ^ Ralph, Oliver (13 March 2017). "Travelers to Buy U.K. Insurance Brokerage From Aquiline". Wall Street Journal. Retrieved 30 October 2023.
  8. ^ Richardson, Mark (19 November 2018). "Jason Stockwood takes new role in Simply Business management shake-up". Insurance Times. Retrieved 30 October 2023.
  9. ^ "Simply Business offers insurance to third-party sellers through Amazon". Coverager. 11 August 2021. Retrieved 8 November 2023.
  10. ^ Kenning, Emmanuel (21 June 2023). "Simply Business parent Xbridge posts revenue rise but profits slip". Insurance Age. Retrieved 8 November 2023.
  11. ^ Findlater, James (7 April 2021). "Who are Jason Stockwood and Andrew Pettit? Duo still involved in Grimsby Town takeover after Tom Shutes exit". Grimsby Telegraph. Retrieved 11 May 2021.
  12. ^ "Digital insurer Simply Business partners with Tarmika". Fintech Global. 9 February 2023. Retrieved 8 November 2023.
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