Simply Business

Simply Business

Company type	Private
Industry	Insurance
Founded	2005; 20 years ago (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

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. "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.