Ripe, an insurtech company, has acquired Craftinsure, a specialist boat insurer.
The acquisition serves as Ripe’s first major acquisition since Aquiline Capital Partners invested in the company.
“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,” said Paul Williams, CEO of Ripe.
Craftinsure has been offering specialist insurance for boat owners for 22 years. It currently has over 23,000 policyholders. With Ripe’s Insure4Boats brand, the acquisition will allow the insurtech company’s foothold in the market to increase to more than 50,000 policyholders.
“We look forward to working with Ripe on the next step in our journey,” said Rob Cage, co-founder and MD of Craftinsure.
“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,” he added.
“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,” said Laurel Powers-Freeling, chair of Ripe.
As the deal is still in the process of being closed, its value has not been released. Mark Lee and Rob Cage, the founders of Craftinsure, will be continuing their posts as leaders of the firm.
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