Simply Business
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| Company type | Private |
|---|---|
| Industry | Insurance |
| Founded | 2005 |
| Headquarters | London, United Kingdom |
Key people | David Summers (Group CEO) |
| Products | Business 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
[edit]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
[edit]- ^ a b "Boston digital insurer Simply Business teams up with AmSuisse". Fintech Global. 24 March 2023. Retrieved 22 October 2023.
- ^ Quinn, James (17 July 2013). "Travelers to Buy U.K. Insurance Brokerage From Aquiline". The Telegraph. Retrieved 24 October 2023.
- ^ Johnson, Branwell (6 May 2010). "SimplyBusiness.co.uk recruits Jason Stockwood". Marketing Week. Retrieved 22 October 2023.
- ^ Quinn, James (17 July 2013). "Simply Business management buy-out". The Telegraph. London. Retrieved 2013-07-30.
- ^ Ralph, Oliver (13 March 2017). "Travelers buys Simply Business for £400m in digital push". Financial Times. Retrieved 11 May 2021.
- ^ Ralph, Oliver (13 March 2017). "Travelers to Buy U.K. Insurance Brokerage From Aquiline". Business Insider. Retrieved 24 October 2023.
- ^ Ralph, Oliver (13 March 2017). "Travelers to Buy U.K. Insurance Brokerage From Aquiline". Wall Street Journal. Retrieved 30 October 2023.
- ^ Prussen Spears I, Victoria (21 August 2017). "Travelers Completes Acquisition of UK-Based Simply Business". Insurance Coverage Law Center. Retrieved 21 January 2024.
- ^ Richardson, Mark (19 November 2018). "Jason Stockwood takes new role in Simply Business management shake-up". Insurance Times. Retrieved 30 October 2023.
- ^ "Simply Business offers insurance to third-party sellers through Amazon". Coverager. 11 August 2021. Retrieved 8 November 2023.
- ^ Kenning, Emmanuel (21 June 2023). "Simply Business parent Xbridge posts revenue rise but profits slip". Insurance Age. Retrieved 8 November 2023.
- ^ 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.
- ^ "Digital insurer Simply Business partners with Tarmika". Fintech Global. 9 February 2023. Retrieved 8 November 2023.