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New York PE firm to acquire UK online SME insurance provider

New York-based private equity firm saidApril 11 that it entered into a definitive agreement to acquire SimplyBusiness, a U.K.-based online provider of small business insurance.

The financial terms of the transaction were not disclosed.

Simply Business provides insurance to more than 350,000 U.K.small- and medium-sized enterprises. "We believe [Simply Business] is wellpositioned for growth in the United Kingdom and internationally," JeffreyGreenberg, CEO of Aquiline Capital Partners, said.

The deal is expected to be completed in the third quarter,subject to closing conditions, including regulatory approvals.