The management team at Simply Business, one of UK’s largest business insurance providers, has completed a management buyout. The deal was achieved with support from funds advised by AnaCap Financial Partners, (“AnaCap”), the specialist European financial services private equity firm.
Established in 2005 by parent company Xbridge, Simply Business was amongst the first online brokers within the commercial insurance market. Using technology to simplify the process of buying small business insurance, the company has achieved rapid growth from revenues of £4.2 million in 2006 to £22.9 million in 2012. The business now insures more than 225,000 small businesses across the UK.
Simply Business is focused on growth in the extensive small business market, made up of around 4.8 million companies across the UK and worth around £3 billion gross written premium per year. The online market in particular is set to grow by more than 25 per cent annually as customers increasingly switch to the online purchase of insurance products.
Simply Business is led by CEO Jason Stockwood, who joined the business in 2010, and has a successful background in e-commerce management having held senior positions at Travelocity, Lastminute.com and Match.com. AnaCap’s Peter Cartwright and Ben Hollowood will also join the Board of Directors.
Jason Stockwood, CEO of Simply Business, said:
“We have laid down the gauntlet to the commercial insurance industry in recent years, combining home-grown infrastructure and innovative products to place the customer at the heart of the business. The management buyout enables us to build on this success, accelerating our growth aspirations and vision for the future, while continuing to innovate and challenge the traditional industry model.”
Peter Cartwright, Co-Managing Partner of AnaCap, commented:
“This is a rare opportunity to support the management buyout of a clear market leader in a fast-growing niche of the insurance industry. The management and staff have done an outstanding job of growing Simply Business over the past eight years and we look forward to working with Jason and his team to meet and exceed their ambitious plans for the future.”
For more information please contact:
Anna King/Ben Jenkins
020 7009 3123
About Simply Business
Launched in 2005, Simply Business provides an online brokerage service, delivering policies tailored to individual business requirements. Using the power of tech and data to create the best possible customer experiences, Simply Business employs over 600 people across offices in London, Northampton, and Boston in the US.
Owing to its internal underwriting capability, Simply Business can cover over 1,000 trade types – ranging from plumbers to accountants to dog walkers. An accredited B Corp for their positive social impact, Simply Business has also been voted the Sunday Times Best Company To Work For twice in a row.