Northampton online insurance broker announces sale of $490m to US firm
A Northampton insurance broker has announced its sale to US insurance provider, Travelers for an approximate value of Â£392m.
Having been previously acquired by Aquiline Capital Partners last April, town centre-based Simply Business more than doubled in value again on Monday (March, 13) as a result of the buy-out.
CEO Jason Stockwood said: “This is a tremendous opportunity for our company and employees, as well as a strong validation of our business model.
"I am excited about Simply Business benefiting from Travelers’ extensive knowledge of the US market as we develop our approach there, as well as the resources it has to support potential expansion into additional markets. Our shared values and commitment to innovation make this transaction a perfect fit.”
The value of the acquisition brought "huge benefits" for employees, the company said.
Simply Business has been named the ‘Best Company to Work For’ on two consecutive occasions by The Sunday Times (2015-2016).
The digital insurer has grown at an annual rate of approximately 20 per cent since it was launched in 2005 and now has over 400,000 active customers in the UK, making it the nation’s "largest" business insurance provider.
Now Simply Business plays host to 400 employees, over half of whom are based in Northampton offices.
Employees at Simply Business are also stakeholders in the company, and the announcement meant the staff all received an exit bonus.
One employee has already made plans to spend his money.
Peter Griffiths works in the customer relations team. He said: “I am planning to put the money from the exit bonus on a deposit for a house. The last bonus could not have come at a better time.
"My wife, Faith, and I were planning our wedding and the money went towards that. Now I’m thrilled to say Faith is pregnant and we are looking for a bit more space.”