The Travelers Companies, Inc. (NYSE: TRV), a provider of property casualty insurance for auto, home and business, is to acquire Simply Business, a UK-based business insurance provider, from Aquiline Capital Partners, for an enterprise value of approximately $490m.
The transaction is expected to close in the third quarter of 2017, subject to regulatory approvals and other customary closing conditions.
Led by Jason Stockwood, Chief Executive Officer, Simply Business is a distributor of small business insurance policies in the United Kingdom, offering products online on behalf of a broad panel of carriers. Operating since 2005, the company has more than 425,000 microbusiness customers, covering more than 1,000 classes of business, and £25.4m in revenues (2014).
Simply Business has a team of UK based insurance specialists employing almost 300 people across offices in London and Northampton.
Led by Alan Schnitzer, Chief Executive Officer, The Travelers Companies is a provider of property casualty insurance for auto, home and business. The company, a component of the Dow Jones Industrial Average, generated revenues of approximately $28 billion in 2016. It has approximately 30,000 employees.