Aquiline Capital Partners LLC, a New York-based private equity firm investing in financial services, announced today that it has entered into a definitive agreement to acquire Simply Business, the leading online provider of small business insurance in the United Kingdom.
“Simply Business has continued to transform the commercial insurance market over the past few years, using technology and a customer-centric approach to differentiate ourselves from the industry,” said Jason Stockwood, CEO of Simply Business. “We are proud to be partnering with Aquiline to continue providing small and micro businesses with superior insurance solutions. With Aquiline’s extensive insurance industry experience, we can better serve more customers and provide insurance carriers with access to a large and important segment of the market.”
Launched in 2005, Simply Business has spent the last 11 years helping to redefine the insurance sector through the application of technology and innovative thinking, while championing sole traders and small businesses. Expanding rapidly through its London and Northampton offices, Simply Business has grown to nearly 350 employees and insures more than 350,000 small businesses nationwide. It has been a Sunday Times “Tech Track 100” company for the past 3 years and was recently named in the Deloitte Technology Fast 500 EMEA (Europe, Middle East, and Africa). The company was also named The Sunday Times’ “Best Company To Work For” in 2015 and 2016.
“Simply Business is an innovator in the U.K. commercial lines insurance sector and has proven its ability to use technology to extend the platform to a broad range of insurers,” said Jeff Greenberg, Chief Executive of Aquiline. “We believe the company is well positioned for growth in the United Kingdom and internationally. We are excited to partner with their management team and look forward to working with them in expanding Simply Business’s leadership position.”
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be completed in the third quarter of 2016. No financial terms were disclosed.