Ripe makes first major acquisition: Craftinsure
Insurtech Ripe has acquired specialist boat insurer Craftinsure, representing its first major acquisition.
Ripe: Acquisition marks a rapid rise
The acquisition of Craftinsure comes a year after Aquiline Capital Partners invested in Ripe, and marks the next significant step in its growth phase.
In Craftinsure, Ripe has acquired 22 years of experience and history in the boat insurance space. Today, Craftinsure has become a bespoke online insurer – a shift to digitalisation that aligns closely with Ripe’s customer-centric ethos.
Ripe adds that Craftinsure will benefit from its technology and marketing expertise to help further fuel its expansion.
Technology, particularly the application of data, is a driving force for Ripe today. The company’s CEO, Paul Williams, spoke to InsurTech Digital earlier this year about why he believes data is taking insurance into the digital age.
Craftinsure also brings a lot to Ripe, literally. The boat insurer currently has 23,000 policyholders, which will boost Ripe’s existing Insure4Boats. Combining both brands, Ripe will have a customer base with boat insurance in excess of 50,000 people.
Ripe CEO Paul Williams says: “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 like-minded, 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.”
Co-founder and Managing Director of Craftinsure, Rob Cage, adds: “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.”
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