Simply Business

Last updated
Simply Business
Company type Private
Industry Insurance
Founded2005;20 years ago (2005)
Headquarters London, United Kingdom
Key people
David Summers (Group CEO)
ProductsBusiness insurance, Shop insurance and Landlord insurance
Revenue £148.6m million (2022)
Number of employees
800
Website simplybusiness.com

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 August 2017, The Travelers Companies acquired the company from Aquiline Capital Partners for approximately $490 million. [7] [8]

In November 2018, David Summers, then UK CEO, replaced Jason Stockwood as Group CEO. [9]

In 2021, Simply Business was selected to participate in the Amazon Insurance Accelerator Program to distribute general liability coverage to Amazon sellers. [10] As of 2022, the company's revenue was reportedly £148.6m. [11]

The company is a certified B Corp. [12] As of 2023, the company had over 900,000 customers globally. [13]

References

  1. 1 2 "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. ↑ Prussen Spears I, Victoria (21 August 2017). "Travelers Completes Acquisition of UK-Based Simply Business". Insurance Coverage Law Center. Retrieved 21 January 2024.
  9. ↑ Richardson, Mark (19 November 2018). "Jason Stockwood takes new role in Simply Business management shake-up". Insurance Times. Retrieved 30 October 2023.
  10. ↑ "Simply Business offers insurance to third-party sellers through Amazon". Coverager. 11 August 2021. Retrieved 8 November 2023.
  11. ↑ Kenning, Emmanuel (21 June 2023). "Simply Business parent Xbridge posts revenue rise but profits slip". Insurance Age. Retrieved 8 November 2023.
  12. ↑ 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.
  13. ↑ "Digital insurer Simply Business partners with Tarmika". Fintech Global. 9 February 2023. Retrieved 8 November 2023.
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