Simply Business Explained

Simply Business
Type:Private
Industry:Insurance
Location:London, United Kingdom
Key People:David Summers (Group CEO)
Products:Business insurance, Shop insurance and Landlord insurance
Revenue:£148.6m million (2022)
Num 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. 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]

Notes and References

  1. Web site: Boston digital insurer Simply Business teams up with AmSuisse. 24 March 2023. 22 October 2023. Fintech Global.
  2. News: James . Quinn . Travelers to Buy U.K. Insurance Brokerage From Aquiline. The Telegraph . 17 July 2013 . 24 October 2023.
  3. Web site: Branwell . Johnson . SimplyBusiness.co.uk recruits Jason Stockwood. Marketing Week . 6 May 2010 . 22 October 2023.
  4. News: Quinn. James. 17 July 2013. Simply Business management buy-out. The Telegraph. London. 2013-07-30.
  5. News: Oliver . Ralph . Travelers buys Simply Business for £400m in digital push. . 13 March 2017 . 11 May 2021.
  6. News: Oliver . Ralph . Travelers to Buy U.K. Insurance Brokerage From Aquiline. Business Insider . 13 March 2017 . 24 October 2023.
  7. News: Oliver . Ralph . Travelers to Buy U.K. Insurance Brokerage From Aquiline. Wall Street Journal . 13 March 2017 . 30 October 2023.
  8. News: Prussen Spears I . Victoria . Travelers Completes Acquisition of UK-Based Simply Business . 21 January 2024 . Insurance Coverage Law Center . 21 August 2017 . en.
  9. Web site: Mark . Richardson. Jason Stockwood takes new role in Simply Business management shake-up. Insurance Times . 19 November 2018 . 30 October 2023.
  10. Web site: Simply Business offers insurance to third-party sellers through Amazon. Coverager . 8 November 2023 . 11 August 2021.
  11. Web site: Kenning . Emmanuel . Simply Business parent Xbridge posts revenue rise but profits slip. Insurance Age . 8 November 2023 . 21 June 2023.
  12. News: James . Findlater . Who are Jason Stockwood and Andrew Pettit? Duo still involved in Grimsby Town takeover after Tom Shutes exit . . 7 April 2021 . 11 May 2021.
  13. Web site: Digital insurer Simply Business partners with Tarmika. Fintech Global . 8 November 2023 . 9 February 2023.

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