InsurTech has completed its first M&A transaction by acquiring specialist boat insurer Craftinsure.
The deal, subject to customary closing conditions, is the first that Ripe – 11th on our InsurTech 50 ranking last year – has made since Aquiline Capital Partners invested in the business in 2021.
Established 22 years ago, Craftinsure offers specialist insurance for boat owners. As a bespoke online insurer with a passion for their product, Craftinsure aligns closely with Ripe鈥檚 stated customer-centric ethos and will benefit from Ripe鈥檚 cutting-edge technology and marketing expertise to drive future growth.
Craftinsure currently has over 23,000 policyholders and, together with Ripe鈥檚 existing Insure4Boats brand, this acquisition increases Ripe鈥檚 boat insurance market foothold to more than 50,000 policyholders.聽
The combination with Craftinsure strengthens Ripe鈥檚 position in the market and solidifies its place as one of the UK鈥檚 leading specialist boat insurers. Craftinsure founders, Mark Lee and Rob Cage, will continue to lead the business.
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鈥淭oday鈥檚 announcement marks the beginning of Ripe鈥檚 strategy to expand through targeted acquisitions in specialist leisure, lifestyle and small business markets,鈥� said CEO Paul Williams (pictured).聽
鈥淭his 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鈥檚 individual needs, we believe this is an incredibly exciting moment for us and the customers we serve.鈥�
Laurel Powers-Freeling, chair of Ripe, said: 鈥淎s 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.鈥�
Rob Cage, co-founder and MD of Craftinsure, said: 鈥淲e 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.聽
鈥淲e are confident that through this move, we will be able to leverage Ripe鈥檚 technology and marketing expertise for our customers.鈥�