Munich Re Specialty has agreed to sell GJW Direct, a specialist in non-commercial marine insurance, to digital managing general agent Ripe for an undisclosed sum. The deal to snap up GJW Direct is Ripe’s second major acquisition in the past year.
By integrating GJW Direct into its portfolio, Ripe aims to leverage its technology and marketing expertise to drive the growth of the marine insurance provider, which was established in 1826.
Meanwhile Munich Re Specialty’s strategic decision to sell GJW Direct is part of a broader realignment of its specialty operations and goals moving forward.
“Munich Re Specialty has been the proud owner of GJW Direct for over 20 years,” noted Danielle Champion, managing director of Munich Re Specialty – Global Markets, UK. “It is a trusted brand with a dedicated team, delivering exceptional products and service to a loyal customer base.
“The considered decision to identify a new owner for the business arises from Munich Re Specialty’s broader strategic vision for 2025 and beyond. We are delighted to confirm Ripe as the new owner for the GJW Direct business.”
Champion went on to highlight Ripe’s strengths in digital marketing and its expertise in the marine and small craft space.
Meanwhile new Ripe chief executive Alan Thomas (pictured), whose appointment was announced in September, stated: “The acquisition of such an established brand as GJW Direct is a milestone for Ripe. We are proud to bring GJW Direct’s products and policyholders into the group and look forward to supporting the further development and growth of the company.”
Thomas also hinted at future transactions in the pipeline, citing momentum in Ripe’s M&A strategy.
“We anticipate more deals with specialist or SME propositions in the near future,” he said. “With our industry-leading digital and marketing capabilities, we have the ability to add value and deliver significant growth opportunities to prospective new acquisitions.”
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