Led by CEO Jason Stockwood, Simply Business was created in 2005 and was one of the earliest online brokers in the commercial insurance space.
Since attracting investment from AnaCap in 2013, revenues have increased 75% with double-digit growth in new business policies.
The distributor has also been highlighted as a Sunday Times ‘Tech Track 100’ company for the past three years, along with other notable accolades.
Tassel Arnhold, a Director at AnaCap, said that when the firm acquired Simply Business, it saw a rare opportunity to support the management buyout of a “digital disruptor” in the insurance market.
“Together, we have delivered exceptional growth and a great return for our investors, and we wish Jason and his team well as they move into the next exciting phase of their growth with Aquiline,” Tassel added.
The sale is subject to change of control approval from the Financial Conduct Authority, although it is expected to complete this summer.
In March, AnaCap acquired two secured and unsecured SME loan portfolios from RBS and GE Capital Real Estate, worth approximately £1.55bn. The secured positions of the Italian non-performing loans are held against residential and other commercial property.
AnaCap, which holds a stake in challenger bank/bridging lender Aldermore, claims to be Europe’s largest specialist private equity investor in the financial services sector with funds of more than £2.4bn under management.
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