Marseille/Hamburg - 31 August 2023
+Simple and GMBC announce strategic merger to realise unique synergies and accelerate growth in a buoyant European MGA market
+Simple, the leading European digital insurance distribution platform for small businesses, and GMBC, tech-enabled master MGA and reinsurance platform, today announced the completion of a strategic merger. +Simple has acquired 100% of the share capital in GMBC through a combination of cash and stock with GMBC’s co-founders, Martin Brumberg and Sergey Grazhdankin, remaining as the executive team of GMBC and becoming shareholders in +Simple.
The deal significantly strengthens +Simple’s ability to provide fully-fledged MGA management to its risk carriers which includes inter alia technical and financial accounting, reporting, cash management and compliance. Through a unified approach across the different countries in which both companies operate +Simple’s risk carriers and reinsurance partners will now get access to online portfolio performance monitoring and be able to utilise a truly integrated European underwriting approach.
By leveraging the integration with +Simple, GMBC will be able to offer its well-established master MGA management approach to international and local insurers and reinsurers seeking to develop insurance distribution with a lean cost structure and a high degree of risk controls either through +Simple or GMBC’s independent MGA clients.
GMBC will retain its branding, with the master MGA management unit continuing to trade as 20AGENTS. GMBC’s strategy of and commitment to providing high-quality services to independent MGA’s as well as to its insurance and reinsurance partners will remain unchanged.
“This acquisition marks a new era of seamless integration, increased efficiency and extended capabilities for our businesses. By leveraging GMBC’s unique data management platform, we can offer a superior level of transparency and control to our insurance and reinsurance partners. It is also fantastic news for our clients, so we can expand our capacity to address complex and multiform risks for their activities.” said Eric Mignot, Chairman and Founder of +Simple.
“A combination of +Simple and GMBC is a rare match. Together we can benefit from multiple immediate synergies and unlock abundant potential for further scalability and growth. We are very pleased to join forces with +Simple’s team as we share the same culture of innovation and delivering top-class product to our clients.” added Sergey Grazhdankin, Co-Founder and Managing Partner of GMBC.
Founded in 2015, +Simple provides self-employed professionals and SMEs with a digital insurance distribution platform that simplifies the underwriting of commercial insurance. Its founding mission is to facilitate all insurance procedures for professionals by providing them with a one-stop shop, supported by its insurance partners. +Simple operates now in France, Germany, Austria, Italy and Spain and covers 500 professions through 29 adapted solutions. The company has over 150 employees and serves more than 100,000 customers. Since early 2022 +Simple is backed by Kohlberg Kravis Roberts & Co. Inc. through KKR’s Next Generation Tech Growth Fund II.
To learn more about +Simple, visit corporate.plussimple.eu
GMBC was founded in 2013 by highly experienced team with a mission to make it easy to set up, run and scale MGA business. GMBC has developed a unique IT platform with fully automated flow of data, reporting, accounting and cash between MGA, insurer and reinsurers. The platform enables doing MGA business on a data agnostic basis, embeds extensive compliance and regulatory know-how, offers a strong insurance and reinsurance capacity matching capability and structured on-boarding. GMBC is active throughout the European Economic Area and offers its platform to over 10 MGA’s, cooperates with various insurers and all the main reinsurers in 8 countries.
For more information about GMBC, visit gmbcgroup.com/en/
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