Simply Business announced the completion of a management buy-out from Brit Group, which held 37% stake in the firm. The business insurance broker received the funds for the buyout from AnaCap Financial Partners. AnaCap was a private equity firm.

"The management buy-out enables us to build on this success, accelerating our growth aspirations and vision for the future, while continuing to innovate and challenge the traditional industry model," said Jason Stockwood, the chief executive officer of Simply Business. "We have laid down the gauntlet to the commercial insurance industry in recent years, combining home-grown infrastructure and innovative products to place the customer at the heart of the business," he added. As part of the deal, Peter Cartwright and Ben Hollowood will be joining the firm's board of directors.

Its parent company Xbridge founded Simply Business in 2005. The broker specialized in "providing online business insurance to the small business market."