Insurtech makes first acquisition since investment by capital backer
Wythenshawe-based digital underwriting and insurance distribution platform, Ripe, has acquired specialist boat insurer, Craftinsure, for an undisclosed sum.
The takeover is the first by Ripe since it was, itself, acquired by Aquiline Capital Partners in November, 2021.
Established 22 years ago, Craftinsure offers specialist insurance for boat owners. As a bespoke online insurer with a passion for its product, Craftinsure aligns closely with Ripe’s customer centric ethos and will benefit from Ripe’s cutting-edge technology and marketing expertise to drive future growth.
Craftinsure, based in Sawbridge, near Harlow, currently has more than 23,000 policyholders and, together with Ripe’s existing Insure4Boats brand, this acquisition increases Ripe’s boat insurance market foothold to in excess of 50,000 policyholders.
The combination with Craftinsure strengthens Ripe’s position in the market and solidifies its place as one of the UK’s leading specialist boat insurers. Craftinsure founders, Mark Lee and Rob Cage, will continue to lead the business.
Paul Williams, Ripe CEO, said: “Today’s announcement marks the beginning of Ripe’s strategy to expand through targeted acquisitions in specialist leisure, lifestyle and small business markets.
“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 customers’ individual needs, we believe this is an incredibly exciting moment for us and the customers we serve.”
Laurel Powers-Freeling, chair of Ripe, said: “As an ambitious insurtech, Ripe is on a very exciting journey. Adding Craftinsure to our portfolio is an important first step in solidifying our growth, and we anticipate there will be many more announcements to come.”
Rob Cage, Craftinsure MD, said: “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. We are confident that through this move we will be able to leverage Ripe’s technology and marketing expertise for our customers.”
For Ripe, legal and tax advice for the transaction was led by EY, with financial diligence provided by Deloitte.