Direct Line Group, one of the UK’s leading motor and home insurers has today announced that an agreement has been reached to acquire Brolly, the London-based start-up that specialises in flexible, personalised insurance products for the digital generation.
The transaction is conditional and is expected to close during the third quarter of 2020. The terms of the acquisition have not been disclosed.
Brolly was founded by Phoebe Hugh, whose vision was to revolutionise insurance by designing products that make buying, managing and claiming an affordable, intuitive and straightforward experience. Last year, in August 2019, Brolly launched a pioneering insurance product - Brolly Contents – a fully-digital contents insurance app for renters and homeowners, offering flexible cover in a simple monthly subscription.
Direct Line Group have long been pioneers in the insurance sector and the acquisition of Brolly follows the Group’s vision to deliver products that helps people carry on with their lives, giving them peace of mind now and in the future.
The team behind Brolly are expected to join Direct Line Group to build on their work to date with the aim of helping the Group to accelerate its transformation to becoming a leading digital player in insurance, by offering products that are personalised, easy to use and available everywhere.
Phoebe Hugh, Brolly founder and CEO, 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.”
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 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 Phoebe and her team and we are looking forward to channelling their excitement and significant expertise to help us with our ambitious plans.”