The Travelers Companies closed the previously announced acquisition of Simply Business, a provider of small business insurance policies in the UK.
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.