Bought By Many, the UK startup using social media to disrupt the insurance industry, today announces that it has acquired 100% of the shares in Brooks Braithwaite (Sussex) Ltd, a leading broker of insurance for pets and pet businesses. The deal has received regulatory approval from the Financial Conduct Authority.
Brooks Braithwaite (Sussex) Ltd’s ExoticDirect business is the UK’s leading provider of pet insurance for birds, mammals, and reptiles. In addition, Brooks Braithwaite (Sussex) Ltd operates and administers Petplan Sanctuary – Allianz’s scheme for pet businesses such as Dog Walkers, Pet Sitters, and Animal Boarding Establishments.
Bought By Many will use its technology platform to create an industry-leading mobile-enabled online quote and buy process for pet insurance. Exotic Direct and Petplan Sanctuary products will then be marketed by Bought By Many through social network platforms including Facebook, Twitter, and Instagram. Meanwhile, Bought By Many will use its proprietary database of insurance searches to identify areas of unmet product demand which Brooks Braithwaite (Sussex) Ltd will develop.
Bought By Many CEO and Co-founder Steven Mendel commented: "I am thrilled to announce this acquisition, which marks an important step in our journey to dramatically improve the insurance experience of our members. By combining the deep product, pricing and administration expertise of Brooks Braithwaite (Sussex) Ltd with Bought By Many’s ground-breaking social media distribution capability, we will create the next-generation insurance intermediary."
Nigel Hucknall, Chairman and Founder of Brooks Braithwaite (Sussex) Ltd, said: "Since I founded Brooks Braithwaite (Sussex) Ltd in 1979, it has grown to serve over 15,000 UK businesses and pet owners. Bought By Many has a bold vision for the future of insurance, and I am delighted to see Brooks Braithwaite (Sussex) Ltd become an integral part of that."
Lesley Sayers, Managing Director of Brooks Braithwaite (Sussex) Ltd, added: "This deal brings together two high-performing insurance businesses with complementary strengths. We are very excited to join Steven and the team in changing the insurance industry for the better."
Gary Davess, Director of Allianz’s Retail Division, commented: "Allianz is proud to have worked with Brooks Braithwaite (Sussex) Ltd for more than 20 years. I look forward to collaborating with Bought By Many to further develop this longstanding and highly fruitful partnership."
About Bought By Many
Bought By Many was named Fintech Innovation of the Year in 2015, ahead of Transferwise and Zopa. In 2014, a Boston Consulting Group and Morgan Stanley report named Bought By Many as the global exemplar of innovation in insurance distribution. Founded in 2012 and based in Farringdon, London, Bought By Many’s UK clients include RSA, John Lewis Insurance, and Vitality. Bought By Many is authorised and regulated by the Financial Conduct Authority (number 652623). Find out more at boughtbymany.com.
About Brooks Braithwaite (Sussex) Ltd
Founded in 1979, and based in Haywards Heath, Sussex. Brooks Braithwaite (Sussex) Ltd is a specialist Insurance Intermediary providing products tailored specifically for animal related risks. It is authorised and regulated by the Financial Conduct Authority (number 304839) and is a member of The British Insurance Brokers’ Association (BIBA). Brooks Braithwaite (Sussex) Ltd was advised on its sale to Bought By Many by PGD Strategy.