New York’s Aquiline Capital Partners to acquire majority stake in UK insurtech platform Ripe Thinking

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Ripe Thinking, a Manchester-based insurtech company, has announced that it has signed an agreement for Aquiline Capital Partners LLC to acquire a majority stake. The financial deals have not been disclosed yet. 

Aquiline Capital Partners: What do you need to know

Based out of New York, Aquiline Capital Partners is a private equity firm specialising in investments in the financial services industry. It has $6.9B in assets under management. 

The firm prefers to make investments in risk-bearing and services enterprises in sectors such as property and casualty insurance, banking, finance, securities, asset management, life insurance, operations, financial technology, and transaction processing. 

Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline, says: “The way people buy insurance is changing. 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.”

What happens now?

According to Ripe Thinking, the investment will allow it to accelerate its ambitions for international growth while still effectively serving customers across the UK.

Post the acquisition, the US company will work with Ripe’s management team to continue and accelerate the growth of the digital insurance distribution platform. 

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Its management will stay on, led by CEO Paul Williams and Founder & MD John Woosey, along with Marketing Director Sarah Jones. Closing of the investment is subject to parties obtaining relevant regulatory approval.

Paul Williams, Chief Executive Officer of Ripe, says: “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.”

Ripe Thinking: What do you need to know

Founded in 1997, Ripe is a UK-based insurtech company that brings together a rare mix of insurance, digital marketing, and tech expertise. The company’s proprietary technology enables customers to build their own policy, providing tailored solutions. 

Over the past 12 months, it saw revenue grow by 27 per cent, claims the company. The company offers insurance across golf, boats, caravans, cycles, and to small business owners such as personal trainers, musicians, and photographers. To date, the insurtech company has more than 280,000 policyholders. 

John Woosey, Founder and Managing Director of Ripe, says: “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. 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.”

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