The Travelers Cos. has completed its previously announced acquisition of Simply Business, a provider of small business insurance cover in the United Kingdom, which offers products online on behalf of a broad panel of carriers.
London-based Simply Business has more than 430,000 microbusiness customers, covering more than 1,000 classes of business, said Travelers in a statement.
Travelers said it funded the acquisition through a combination of debt financing and internal resources.
Simply Business will continue to operate as a stand-alone business, using its existing brand name.
“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,” said Alan Schnitzer, chairman and chief executive officer of Travelers.
“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,” he added.
Source: The Travelers Companies
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