Transaction advances company’s digital agenda
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“Simply Business is a profitable and growing technology company with impressive strategic digital capabilities, leading digital commerce talent and proven small business insurance expertise,” said
Simply Business has more than 425,000 microbusiness customers, covering more than 1,000 classes of business. Over the past three years, insurance premiums placed by Simply Business grew at a compound annual rate of approximately 17.5 percent to £93 million (approx.
Simply Business has been one of The Sunday Times “Tech Track 100” companies and was included on the Deloitte Technology Fast 500 EMEA (
“We are very pleased to be partnering with Simply Business, a dynamic and innovative company that has recently established early stage operations in the United States,” said
Toczydlowski continued, “We are committed to preserving the approach and values that have made Simply Business successful. Consequently, the company will operate as a stand-alone business, continuing to partner with its panel of carriers under its well-known brand name.”
Travelers will fund the transaction, subject to market conditions, through a combination of debt financing and internal resources. The transaction is expected to close in the third quarter of 2017, subject to regulatory approvals and other customary closing conditions, and is expected to have an insignificant impact on Travelers’ 2017 and 2018 earnings per share.
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
Fiona McSwein, +44 (0)20.7920.8000