Simply Business acquired by Aquiline Capital Partners

Aquiline has purchased the digital insurance broker from fellow private equity firm AnaCap three years after management buy-out deal

Online insurance broker Simply Business has been acquired by private equity house Aquiline Capital Partners; purchased from fellow private equity firm AnaCap Capital Partners.

The deal, which follows an earlier management buy-out backed by AnaCap in 2013, is set to complete in the summer following FCA authorisation and AnaCap has suggested it will generate 4.5 times its initial investment.

Founded in 2005 and led by CEO Jason Stockwood, London-based Simply Business provides insurance to small businesses, landlords and shops across the UK and claims to have grown to over 350,000 customers.

The company specialises in employers’ liability insurance, public liability insurance, and professional indemnity insurance.

Commenting on the deal, AnaCap director Tassel Arnhold, said: “When we acquired Simply Business we saw a rare opportunity to support the management buyout of a digital disruptor in a fast-growing segment of the insurance industry.

“Together, we have delivered exceptional growth and a great return for our investors, and we wish Stockwood and his team well as they move into the next exciting phase of their growth with Aquiline.”

In an interview with Insurance Age, Simply Business’ Stockwood said he was “thrilled” with the deal:

“[This will allow us to] develop more products, more markets and allow for investment in our technology. We’re going to be doing more but faster and more aggressively.”

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