Direct Line Group has acquired Brolly, a London-based start-up that specialises in flexible, personalised insurance products.
The transaction is conditional and is expected to close during the third quarter of 2020, and the terms of the acquisition have not yet 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”.
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.
Hugh 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, added: “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.”