Travelers completes $490m M&A deal with UK insurtech Simply Business
US property/casualty insurer Travelers has completed the acquisition of UK-based small and medium-sized enterprise (SME) insurance broker Simply Business.
The company first announced the purchase of Simply Business from previous owner Aquiline Capital Partners for approximately $490 million, in March 2017. The New York-based private equity firm Aquiline had purchased the broker in April 2016 from AnaCap Financial Partners.
Travelers said that it funded the acquisition through a combination of debt financing and internal resources.
Alan Schnitzer, chairman and chief executive officer of Travelers, said: "Technology is driving significant change in our industry, and the knowledge, capabilities and talent that Simply Business has developed over more than a decade will contribute meaningfully to advancing our digital and innovation agendas to best serve our customers and the marketplace."
"Simply Business is a growing technology company, and its proven model to enhance the insurance buying experience for microbusiness owners aligns with our efforts to simplify the small commercial insurance transaction and make it more efficient."
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