Subject to regulatory approval, UK digital underwriting and insurance distribution platform Ripe Thinking Limited will be majority-owned by private equity firm Aquiline Capital Partners LLC.
The latter – whose portfolio includes Beach, IQUW, ERS, Simply Business, and Validus – is acquiring a majority stake in Ripe for an undisclosed sum. It was also not revealed how much of Ripe will be under Aquiline ownership.
“We are excited to partner with Aquiline, whose deep understanding of the UK and global insurance markets, and their track record of supporting technology-enabled businesses will allow us to further develop our offerings to our customers and continue to build out our underwriting and distribution capabilities,” commented Ripe founder and managing director John Woosey.
“This partnership is a testament to the work of our incredible team who have delivered our strong and consistent growth year after year. The investment will allow us to accelerate our ambitions for international growth while still effectively and efficiently serving our customers across the UK.”
Ripe is the name behind Golf Care, Cycleplan, Insure4Boats, Insure4Sport, and Ripe Caravans. The business came to life in 1997 and currently has more than 280,000 policyholders.
Chief executive Paul Williams noted: “Aquiline is an ideal partner to support Ripe through our next phase of growth. The investment will allow us to further expand the capabilities of our industry-leading technology platform and reach customers through new and innovative channels.
“Aquiline and Ripe share a strategic vision for the company, and I am excited to lead the business through its next phase of growth.”
The private investment firm, meanwhile, will be working closely with the Ripe management.
“The way people buy insurance is changing,” asserted Aquiline chair and CEO Jeff Greenberg. “As more individuals turn to online platforms to purchase insurance, Ripe offers a simple process for buying policies online while still ensuring quality coverage at a good value.
“We believe that John, Paul, and their team have built a high-quality and scalable digital platform that can identify customer demands, and design and distribute products to address these efficiently. We are excited to partner with them through the next phase of their journey.”
