NEW YORK--(BUSINESS WIRE)--
The Travelers Companies, Inc. (NYSE: TRV) today completed its previously announced acquisition of Simply Business, a leading provider of small business insurance policies in the United Kingdom, offering products online on behalf of a broad panel of carriers. The company has more than 430,000 microbusiness customers, covering more than 1,000 classes of business.
“Technology is driving significant change in our industry, and the knowledge, capabilities and talent that Simply Business has developed over more than a decade will contribute meaningfully to advancing our digital and innovation agendas to best serve our customers and the marketplace,” said Alan Schnitzer, Chairman and Chief Executive Officer of Travelers. “Simply Business is a growing technology company, and its proven model to enhance the insurance buying experience for microbusiness owners aligns with our efforts to simplify the small commercial insurance transaction and make it more efficient.”
Simply Business will operate as a stand-alone business, continuing to partner with its panel of carriers under its well-known brand name.
Travelers funded the acquisition through a combination of debt financing and internal resources.
To learn more about Simply Business, visit www.simplybusiness.co.uk.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV)
is a leading provider of property casualty insurance for auto,
home
and business.
A component of the Dow Jones Industrial Average, Travelers has
approximately 30,000 employees and generated revenues of approximately
$28 billion in 2016. For more information, visit www.travelers.com.
Forward-Looking Statements
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 Securities and Exchange Commission (SEC)
on February 16, 2017, as updated by our periodic filings with the SEC.
Additional factors that could cause actual results to differ include,
but are not limited to, risks relating to pursuing new markets and
opportunities, including opportunities in emerging markets, and the risk
that Travelers may not realize the anticipated benefits from the
transaction. The forward-looking statements in this release speak only
as of the date of this release, and we undertake no obligation to update
any forward-looking statements.
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