Private investment firm Aquiline Capital Partners has signed a definitive agreement to acquire a majority stake in Ripe Thinking (Ripe) for an undisclosed sum.
Founded in 1997, Ripe is a digital underwriting and insurance distribution platform, which caters to customers across both personal and small commercial lines.
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By GlobalDataBased in the UK, Ripe will use the funding for international expansion, enhancing its technology platform and reaching customers via new channels.
Under the terms of the agreement, Ripe CEO Paul Williams and founder & managing director John Woosey and marketing director Sarah Jones will continue to lead the insurtech.
Aquiline chairman and CEO Jeff Greenberg said: “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.”
Ripe offers specialised insurance services across golf, boats, caravans, and cycles.
It caters to small business owners such as personal trainers, musicians, and photographers.
Aquiline, which has over $6.9bn in assets, stated that the insurer has recorded a 27% growth in its revenue in the past 12 months.
Woosey said: “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.”
Completion of the deal is subject to receipt of relevant regulatory approval.
