Blog Coverage Travelers Cos. Acquires UK Based Online Insurer for $490 Million

Upcoming AWS Coverage on Progressive Corp. Post-Earnings Results

LONDON, UK / ACCESSWIRE / March 14, 2017 / Active Wall St. blog coverage looks at the headline from property casualty insurance for auto, home, and business provider, The Travelers Cos. Inc. (NYSE: TRV) as the Company announced on March 13, 2017, that it has agreed to acquire Simply Business from Aquiline Capital Partners LLC for an enterprise value of approximately $490 million, including the repayment of debt and other obligations at closing, which was triple of what the Company was sold for less than a year ago. Operating since 2005, Simply Business is a leading distributor of small business insurance policies in the United Kingdom, offering products online on behalf of a broad panel of carriers. Register with us now for your free membership and blog access at:

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One of Travelers Cos.’ competitors within the Property & Casualty Insurance space, The Progressive Corp. (NYSE: PGR), reported on March 03, 2017, its financial results for Q4 2016. AWS will be initiating a research report on Progressive in the coming days.

Today, AWS is promoting its blog coverage on TRV; touching on PGR. Get all of our free blog coverage and more by clicking on the link below:

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“Simply Business is a profitable and growing technology company with impressive strategic digital capabilities, leading digital commerce talent and proven small business insurance expertise,” said Alan Schnitzer, Chief Executive Officer of Travelers Cos., “With technology and innovation driving customer preferences and expectations, advancing our digital agenda to best serve our customers and the marketplace is a key strategic priority. As an important part of that agenda, we also look forward to working with our agent and broker partners as we seek to deploy Simply Business’ capabilities with them to make the small commercial insurance transaction easier, faster and more efficient.”

About Simply Business

Simply Business, the UK’s largest business insurance broker has more than 425,000 microbusiness customers, covering more than 1,000 classes of business. Over the past three years, insurance premiums placed by Simply Business grew at a compound annual rate of approximately 17.5% to £93 million (approximately $113 million) in 2016. Through its managing general agency, Simply Business participates as a panel member and underwrites a meaningful amount of the total premium it places through its platform each year. Aquiline Capital Partners has acquired Simply Business in April 2016 for approximately £120 million.

Simply Business has been one of The Sunday Times “Tech Track 100” companies and was included on the Deloitte Technology Fast 500 EMEA (Europe, Middle East, and Africa) list. The Company was also named “Best Company to Work For” by The Sunday Times in 2015 and 2016.

Jason Stockwood, Chief Executive Officer of Simply Business, said:

“This is a tremendous opportunity for our company and employees, as well as a strong validation of our business model. I am excited about Simply Business benefiting from Travelers’ extensive knowledge of the US market as we develop our approach there, as well as the resources it has to support potential expansion into additional markets. Our shared values and commitment to innovation make this transaction a perfect fit.”

Transaction Details

Travelers Cos. will fund the transaction, subject to market conditions, through a combination of debt financing and internal resources. The transaction is expected to close in Q3 2017, subject to regulatory approvals and other customary closing conditions, and is expected to have an inconsequential impact on Travelers Cos.’ 2017 and 2018 earnings per share.

Stock Performance

On March 13, 2017, Travelers Cos.’ share price finished the trading session at $122.15, marginally down 0.55%. A total volume of 1.07 million shares exchanged hands. The stock has advanced 7.94% and 9.96% in the last six months and past twelve months, respectively. Furthermore, since the start of the year, shares of the Company have gained 0.33%. The stock is trading at a PE ratio of 11.85 and has a dividend yield of 2.19%.

Earnings Alert: Travelers Cos. will review its Q1 2017 results at 9 a.m. ET on April 20, 2017 following the release of results earlier that morning.

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