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July 17, 2020

Direct Line Group to buy London-based insurtech Brolly

British motor and home insurer Direct Line Group has agreed to purchase Brolly, which focuses on offering personalised insurance products for the digital generation.

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The deal consideration was not revealed. Deal completion is anticipated in the third quarter of this year.

Direct Line will retain Brolly staff as part of the deal.

Direct Line marketing director Kerry Chilvers said: “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.”

Based in London, Brolly provides a policy management platform that supports consolidation of insurance policies into one dashboard, and a fully-digital contents insurance on iOS and Android.

Last year, the firm a fully-digital contents insurance app called Brolly Contents.

Targeted at renters and homeowners, the new offering offers cover in a monthly subscription.

The firm secured $2.1m funding from Peter Thiel’s Valar Ventures, Pi Labs, and Entrepreneur First, among others.

Brolly founder and CEO Phoebe 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.”

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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