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AnaCap backs MBO of Simply Business

AnaCap Financial Partners and the management of Simply Business have completed the management buyout of the small business insurance provider.

Under the terms of the agreement, funds advised by AnaCap and Simply Business’s management will acquire 100 per cent of Simply Business.
Established in 2005 by parent company Xbridge, Simply Business was amongst the earliest online brokers within the commercial insurance market. Using technology to simplify the process of buying small business insurance, the company has achieved rapid growth, from revenues of GBP4.2m in 2006 to GBP22.9m in 2012, and now insures more than 225,000 small businesses across the UK.
At present, the addressable UK market covers 4.8 million small businesses totalling around GBP3bn of gross written premiums. The online element of this figure is forecast to grow at more than 25 per cent a year as customers continue to switch to the online purchase of insurance products.
Simply Business is led by chief executive Jason Stockwood, who joined the business in 2010 and has a successful background in e-commerce having held senior positions at Travelocity, and AnaCap’s Peter Cartwright and Ben Hollowood will also join the board of directors.
Cartwright (pictured) says: “This is a rare opportunity to support the management buyout of a clear market leader in a fast-growing niche of the insurance industry. The management and staff have done an outstanding job of growing Simply Business over the past eight years and we look forward to working with Jason and his team to meet and exceed their ambitious plans for the future.”
Stockwood says: “We have laid down the gauntlet to the commercial insurance industry in recent years, combining home-grown infrastructure and innovative products to place the customer at the heart of the business. The management buyout enables us to build on this success, accelerating our growth aspirations and vision for the future, while continuing to innovate and challenge the traditional industry model.”

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