Ripe, says it’s entered the next phase of its “ambitious growth strategy”, with the acquisition of a specialist boat in insurance firm.
The move for Craftinsurance, is the first deal for the Manchester-based Insurtech, since it received investment from Aquiline Capital Partners last year.
“Today’s announcement marks the beginning of Ripe’s strategy to expand through targeted acquisitions in specialist leisure, lifestyle and small business markets,” said Paul Williams, CEO of Ripe.
“This is a landmark moment for Ripe as we expand our boating portfolio through Craftinsure. Our two businesses share digital synergies and a likeminded, customer-focused approach. With our cutting-edge technology and delivery of products designed around customer’s individual needs, we believe this is an incredibly exciting moment for us and the customers we serve.”
Craftinsurance operates in the £90m+ boat insurance market. Established 22 years ago, it currently has more than 23k policyholders. Added to Ripe’s existing Insure4Boats brand, it will almost double its customer base in this sector.
The company’s founders, Mark Lee and Rob Cage, will continue to lead the business.
“We look forward to working with Ripe on the next step in our journey. As boat owners ourselves we set out to bring the best possible insurance options to people who love boating as much as we do,” added Rob Cage, Co-Founder and MD of Craftinsure.
“We are confident that through this move, we will be able to leverage Ripe’s technology and marketing expertise for our customers.”