Aquiline Capital Partners is acquiring a majority stake in insurance technology platform Ripe Thinking Unlimited for undisclosed financial terms, according to a press release on Monday (Nov. 11).
Headquartered in New York and London, Aquiline is a private investment firm with $6.9 billion in assets under management. The company aims to invest in companies that sit at the intersection of technology and finance.
People don’t purchase insurance the way they used to, said Aquiline Chairman and CEO Jeff Greenberg, and Ripe developed a “high-quality and scalable digital platform” that can target customers’ desires.
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“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,” Greenberg said.
Founded in 1997 and based in the U.K., Ripe offers insurance to a broad spectrum of personal and commercial interests — golf, boats, caravans, cycles, personal trainers, musicians, and photographers. The company has over 28,000 policyholders and grew revenue by 27 percent in the past 12 months.
Ripe uses its proprietary technology to let customers create their own policy instead of having to purchase a pre-bundled package. The company enables ultra-targeted insurance products and delivers customized solutions and an optimized online journey.
Read more: Keeping Customers At The Center Of Insurance Innovation
Ripe CEO Paul Williams aid Aquiline is the “ideal partner” that will help Ripe on its growth journey. Both companies “share a strategic vision” for Ripe.
“The investment will allow us to further expand the capabilities of our industry-leading technology platform and reach customers through new and innovative channels,” Williams said.
As part of the investment deal, Aquiline will collaborate with Ripe’s team to advance the development of a market-leading digital insurance distribution platform. Williams will remain CEO and managing director and founder John Woosey will retain a “significant equity stake.” Marketing director Sarah Jones will also remain part of the management team.
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