Insurance firm achieves 12th consecutive year of growth

Insurance firm Ripe Thinking has achieved its twelfth consecutive year of growth after increasing revenues to £15m.

The Manchester-based company has now delivered average annual revenue growth of over 20% over the past five years. It has more than 225,000 policyholders which it says makes it “one of the UK’s largest niche insurtechs”.

Underlying EBITDA, a measure of operational profitability, rose by 41% to £2.5m.

Colin Whitehead, executive chairman of Ripe Thinking, said: “We are very pleased to have delivered growth across our business metrics in what is a tough, competitive market.

“The results demonstrate the strength of our marketing and data-driven model that puts the customer at the forefront of everything we do.”

He is positive about the firm’s prospects, despite the impact of Covid-19.

“Since the onset of the pandemic, our attention has been on addressing the impact on our staff, customers and partners,” he said.

“We’re confident we can withstand the current disruption. Our figures so far in 2020 are promising and show the resilience of both our business model and our policyholders.”