Insurterch Ripe completes acquisition of Manchester boat insurance specialist
Manchester-based boat insurance specialist, GJW Direct, has been acquired in a deal which sees Munich Re Speciality sell the business to Manchester insurtech Ripe, for an undisclosed sum.
The acquisition was first mooted in October last year.
Founded in 1826, GJW Direct is an award-winning business offering non-commercial marine insurance and the company has carved out a niche in this space.
When first announced, the acquisition of GJW Direct was Ripe’s second major M&A transaction in 12 months, bolstering its position in the market and solidifying its place as one of the UK’s leading boat insurance specialists.
Ripe says GJW Direct will benefit from its technology and marketing expertise, setting the stage for future growth.
GJW Direct’s products have been re-built on Ripe’s proprietary technology platform, Juice, which will transform the way policyholders experience insurance, harnessing data and technology to deliver an enhanced customer journey.
Together with Ripe’s existing products in this space, Insure4Boats and previously acquired Craftinsure, this acquisition increases Ripe’s boat insurance market share, positioning Ripe at the forefront of marine insurance.
Danielle Champion, managing director of Munich Re Specialty – Global Markets, UK, said: “GJW Direct has been a valued part of Munich Re Specialty for over two decades. This is a great next step for the brand, and we wish Ripe every success as they move forward in driving the future growth of GJW Direct.
“Munich Re Specialty’s decision to sell GJW Direct was driven by a reflection on our strategic goals and plans for the next stage of our own growth. Our specialty strategy in the UK regional market will continue to advance in the coming years and we are excited to progress our offering of specialty solutions for today’s dynamic challenges.”
Alan Thomas
Alan Thomas, CEO of Ripe, said: “The acquisition of GJW Direct represents a transformative moment for Ripe’s growth strategy.
“By integrating this prestigious brand with over 190 years of heritage into our portfolio, we’re not just expanding our market presence, we’re combining historical expertise with modern technology.”
He added: “Our proprietary platform will enhance the customer experience for GJW Direct policyholders while preserving the brand’s trusted reputation. We are thrilled to welcome GJW Direct policyholders to Ripe.
“This acquisition solidifies our position as a leading specialist in the UK marine insurance market and demonstrates how our technology-focused approach can drive growth for established insurance businesses.
“We’re actively pursuing further opportunities with like-minded specialist and SME propositions and expect our M&A pipeline to continue to deliver.”
