The move will see the insurtech join the group
Direct Line Group has acquired insurtech Brolly.
At present the transaction is conditional, and the terms of the acquisition have not been disclosed, but it is expected to close during the third quarter of 2020.
The acquisition of Brolly follows the group’s vision to deliver products that help people carry on with their lives and give them peace of mind.
Kerry Chilvers, marketing director at Direct Line Group, said: “We are delighted to announce our plans to acquire Brolly and are looking forward to welcoming [Phoebe Hugh] and her team to the group. We both want the same thing, which is to give customers value and simplicity. We know that we can learn a lot from [Hugh] and her team and we are looking forward to channelling their excitement and significant expertise to help us with our ambitious plans.”
Insurtech Brolly was founded in 2016 by Phoebe Hugh who left Aviva to start her own insurance company with the aim of revolutionising insurance by designing personalised insurance products that make buying, managing, and claiming both affordable yet simple.
The Brolly team are expected to join Direct Line Group to build on their work to date with intention of helping the group to push forward with its transformation in becoming a leading digital player in insurance.
Hugh, Brolly founder and chief executive, said: “I started Brolly to reinvent personal insurance, and by listening and adapting to a new generation of consumers, we have made great progress so far.
“I’m thrilled to be taking the next step in this journey that will allow myself and my team to scale the technology and products to a much bigger audience.
“We are excited to continue to build beautiful and personalised products to simplify insurance within Direct Line Group, one of the UK’s most innovative large insurers.”
Hugh also sits on Tech Nation UK’s Insurtech Board.