Brit buys 30% stake in broker
Brit Insurance Holdings has made an investment of £7m in Xbridge giving Brit Insurance a 38% interest in the business. Xbridge is the United Kingdom's leading online insurance and finance technology platform specialising in owner-managed businesses, whose flagship brand “Simply Business” enables business owners to compare multiple business insurance quotes on-line and then buy in minutes.
The investment builds on an already successful relationship; Brit Insurance is already a major partner of Xbridge and has generated significant revenues since March 2007.
An additional loan facility will enable Xbridge to continue to develop their leading edge technology and marketing strategy.
Xbridge launched its comparative quote and buy insurance platform in July 2005, and to date have achieved premium volumes in excess of £15m and continue to grow at a significant rate.
Dane Douetil, chief
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