Direct Line Group has reached an agreement to acquire InsurTech startup Brolly.
The transaction is conditional and is expected to close during the third quarter. The terms of the acquisition were not disclosed.
The team behind Brolly are expected to join Direct Line, with the aim of helping the group accelerate its transformation to becoming a leading digital player in insurance, by offering products that are personalised, easy to use and available everywhere.
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. In August 2019, the firm launched Brolly Contents – a fully-digital contents insurance app for renters and homeowners, offering flexible cover via a monthly subscription.
Hugh said: “We are excited to continue to build beautiful and personalised products to simplify insurance within Direct Line, one of the UK’s most innovative large insurers.”
Kerry Chilvers, marketing director at Direct Line, added: "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.”
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