Simply Business

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Simply Business
TypePrivate
IndustryInsurance
Founded2005
HeadquartersLondon, United Kingdom
Key people
David Summers (Group CEO)
ProductsBusiness insurance, Shop insurance and Landlord insurance
Revenue£57 million (2017)
Number of employees
800

Simply Business - the trading name of Xbridge Ltd - is an online broker of business insurance with over 800,000 customers.[1][citation needed]

In March 2017 it was announced that The Travelers Companies led by Alan Schnitzer agreed to acquire Simply Business from Aquiline Capital Partners LLC for an enterprise value of approximately $490 million with a successful completion of the deal made in August 2017.[2]

History[edit]

Xbridge was founded in 2000 by Brad Liebmann, Ralph Arnold, Deno Fischer and Jim Nelson, who provided £1 million in seed capital. In 2005 the company chose to specialise in small business insurance, launching an online quote comparison service.

In July 2013 it was announced that the company had completed a management buy-out backed by the private equity firm AnaCap Financial Partners LLP.[8]

The company has more than 800 employees.[3]

Operations[edit]

Simply Business has operations in the UK and United States.

In the UK, Simply Business is headquartered in London and operates a contact centre from Northampton.

The US division of Simply Business is located in Boston, which opened in 2017 following the company’s acquisition by Travelers.

Products[edit]

The company provides insurance to the self employed, small businesses and landlords. Products include public liability insurance, professional indemnity insurance, employers' liability insurance and landlords insurance.

The insurers on the panel include Ageas, AIG, Arag, AXA, Churchill, Covea, Hiscox and Zurich.

Simply Business established its own managing general agent brands Finsbury, Maltings and Chiswell Insurance, which are underwritten by AXA and Great Lakes, a subsidiary of Munich Re.

In 2021 Simply Business announced its participation in the newly created Amazon Insurance Accelerator to distribute product liability insurance to Amazon's third-party sellers.[4]

Awards[edit]

References[edit]

  1. ^ "Simply Business - business insurance made for you | public liability, professional indemnity, landlord insurance & more". www.simplybusiness.co.uk. Retrieved 2021-12-23.
  2. ^ "Travelers Completes Acquisition of UK-Based Simply Business". Retrieved 2017-08-09.
  3. ^ "Simply Business, LinkedIn". LinkedIn.{{cite web}}: CS1 maint: url-status (link)
  4. ^ "Simply Business Offers Insurance to Third-Party Sellers Through Amazon Insurance Accelerator".
  5. ^ "Sunday Times Tech Track". Fast Track. Retrieved 2012-09-17.