Travelers to Buy Simply Business From Greenberg’s Aquiline

Travelers Cos., the lone property-casualty insurer in the Dow Jones Industrial Average, agreed to buy U.K.-based Simply Business from Jeff Greenberg’s Aquiline Capital Partners to add online distribution of coverage and expand the model in the U.S.

The deal will add more than 425,000 customers. Simply Business built the volume of premiums placed at a compound annual rate of about 18 percent over the past three years to 93 million pounds ($113 million) in 2016, New York-based Travelers said in a statement March 13. The transaction has an enterprise value of $490 million, which includes the repayment of debt, and ...