London, August 7, 2017 – The Travelers Companies, Inc. (NYSE: TRV has completed its previously announced acquisition of Simply Business, a leading provider of small business insurance policies in the United Kingdom, offering products online on behalf of a broad panel of carriers. The company has more than 430,000 microbusiness customers, covering more than 1,000 classes of business.
“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.”
Simply Business will operate as a stand-alone business, continuing to partner with its panel of carriers under its well-known brand name.
Travelers funded the acquisition through a combination of debt financing and internal resources.
To learn more about Simply Business, visit www.simplybusiness.co.uk.
A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $28 billion in 2016. For more information, visit Twww.travelers.com.
All statements in this press release, other than statements of historical facts, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results of matters addressed in these forward-looking statements involve risks and uncertainties and may differ substantially from those expressed or implied. Some of the factors that could cause actual results to differ are discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s most recent Form 10-K filed with the Securities and Exchange Commission (SEC) on February 16, 2017, as updated by our periodic filings with the SEC. Additional factors that could cause actual results to differ include, but are not limited to, risks relating to pursuing new markets and opportunities, including opportunities in emerging markets, and the risk that Travelers may not realize the anticipated benefits from the transaction. The forward-looking statements in this release speak only as of the date of this release, and we undertake no obligation to update any forward-looking statements.
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Investors Gabriella Nawi 917.778.6844 [email protected]
Travelers Matt Bordonaro U.S. 860.277.7014, UK +44 (0)20.3207.6603 [email protected]
Simply Business Fiona McSwein +44 (0)20.7920.8000 [email protected]
About Simply Business
Launched in 2005, Simply Business provides an online brokerage service delivering policies tailored to individual business requirements. It has a team of UK based insurance specialists and employs almost 300 people across offices in London and Northampton.
Simply Business provides insurance to more than 475,000 UK SMEs and landlords and owing to its internal underwriting capability can cover over 1,000 trade types. It has been a Sunday Times Tech Track 100 company for the past three years and was recently named in the Deloitte Technology Fast 500 EMEA. Revenues have grown from £4.2 million in 2006, to £25.4 million in 2014, and the company has been named 2015 and 2016 winners of The Sunday Times’ Best Company to Work For.