Insurer sells 37% stake in small business broker
Brit Insurance has sold its 37% stake in online insurance specialist Simply Business in a management buyout that valued the company at more than £50m, the Telegraph reports.
The insurer sold its holding in the eight-year-old business as part of a deal backed by private equity firm AnaCap.
AnaCap and Simply Business, led by chief executive Jason Stockwood, will take full control of Xbridge, the online broker’s holding company.
Simply Business provides online quote-and-buy facilities for small businesses, and cover for more than 225,000 UK businesses.
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