Insurtech firm Ripe acquires boat insurance company

Insurtech firm Ripe has completed its first mergers and acquisitions transaction by acquiring specialist boat insurer, Craftinsure. The deal, subject to customary closing conditions, is the first that Ripe has made since Aquiline Capital Partners invested in the business in 2022.

Insurtech refers to technological innovations that are created and implemented to improve the efficiency of the insurance industry.

Established 22 years ago, Craftinsure offers specialist insurance for boat owners. Ripe says that Craftinsure aligns closely with its customer centric ethos and will benefit from Ripe’s cutting-edge technology and marketing expertise to drive future growth.

Craftinsure currently has over 23,000 policyholders and, together with Ripe’s existing Insure4Boats brand, this acquisition increases Ripe’s boat insurance market foothold to more than 50,000 policyholders. Craftinsure founders, Mark Lee and Rob Cage, will continue to lead the business.

“Today’s announcement marks the beginning of Ripe’s strategy to expand through targeted acquisitions in specialist leisure, lifestyle and small business markets,” says Paul Williams, CEO of Ripe. “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 customer’s individual needs, we believe this is an incredibly exciting moment for us and the customers we serve.”

Laurel Powers-Freeling, chair of Ripe adds: “As an ambitious insurtech [firm], 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, co-founder and MD of Craftinsure, says: “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.

All images courtesy of Ripe.