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LONDON, UK / ACCESSWIRE / August 8, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for The Travelers Cos, Inc. (NYSE: TRV), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=TRV. The Company confirmed on August 05, 2017, the completion of its previously announced acquisition of Simply Business, a leading provider of small business insurance policies in the United Kingdom, offering products online on behalf of a broad panel of carriers. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Discover more of our free reports coverage from other companies within the Property & Casualty Insurance industry. Pro-TD has currently selected Berkshire Hathaway Inc. (NYSE: BRK-A) for due-diligence and potential coverage as the Company announced on August 04, 2017, its financial results for Q2 and first six months of 2017 and 2016. Tune in to our site to register for a free membership, and be among the early birds that get our report on Berkshire Hathaway when we publish it.

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Simply Business offers public liability, tradesman, professional indemnity, building, and employers' liability insurance. Incorporated in 2005, the Company has more than 430,000 micro business customers, covering more than 1,000 classes of business. Over the past year, insurance premiums placed by Simply Business grew at a compound annual rate of approximately 17.5% to £93 million (approximately $113 million) in 2016.

Insights of the Acquisition

Travelers Cos. financed the acquisition through a combination of debt financing and internal resources. Following the acquisition, Simply Business will operate as a stand-alone business, continuing to partner with its panel of carriers under its well-known brand name.

Acquisition Contributes to Advancing Travelers Cos.' Digital and Innovation Agendas

Commenting on the acquisition, Alan Schnitzer, Chairman and Chief Executive Officer of Travelers Cos., stated:

"Technology is driving significant change in our industry, and the knowledge, capabilities, and talent that Simply Business has developed over more than a decade will contribute meaningfully to advancing our digital and innovation agendas to best serve our customers and the marketplace. Simply Business is a growing technology company, and its proven model to enhance the insurance buying experience for micro business owners aligns with our efforts to simplify the small commercial insurance transaction and make it more efficient."

Acquisition Plan Announced Previously in March 2017

On March 13, 2017, Travelers Cos. agreed to acquire Simply Business from Aquiline Capital Partners LLC for an enterprise value of approximately $490 million, which included the repayment of debt and other obligations at closing. The transaction, expected to close in Q3 2017, was subject to regulatory approvals and other customary closing conditions. Skadden, Arps, Slate, Meagher & Flom LLP provided legal counsel to Travelers in this transaction.

Simply Business was sold to Aquiline by fellow private equity company AnaCap Financial Partners in April 2016.

About The Travelers Companies, Inc.

Founded in 1864, Travelers Cos. is a leading provider of property casualty insurance for auto, home, and business. The Company's diverse business lines offer its global customers a wide range of coverage sold primarily through independent agents and brokers. A component of the Dow Jones Industrial Average, Travelers Cos. has approximately 30,000 employees and generated revenues of approximately $28 billion in 2016.

Last Close Stock Review

On Monday, August 07, 2017, the stock closed the trading session at $128.80, marginally dropping 0.69% from its previous closing price of $129.69. A total volume of 1.01 million shares have exchanged hands. Travelers Cos.'s stock price rallied 6.44% in the last three months, 9.46% in the past six months, and 8.62% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 5.21%. The stock is trading at a PE ratio of 12.83 and has a dividend yield of 2.24%. At Monday's closing price, the stock's net capitalization stands at $35.51 billion.

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SOURCE: Pro-Trader Daily