’The considered decision to identify a new owner for the business arises from Munich Re Specialty’s broader strategic vision,’ says managing director
Digital insurtech managing general agent (MGA) Ripe has purchased GJW Direct from Munich Re Specialty.
GJW Direct was founded in 1826 and offers non-commercial marine insurance.
Munich Re Specialty’s decision to sell GJW Direct came following a review of its strategy for 2025 and beyond.
Danielle Champion, managing director of UK global markets at Munich Re Specialty, said: “Munich Re Specialty has been the proud owner of GJW Direct for over 20 years. 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.
”We believe that Ripe, with its expertise in the marine and small craft space along with its strengths in digital marketing, is an excellent fit for the GJW Direct business.”
Market share
Ripe said it had acquired the firm as it looks to increase its share of the marine insurance market.
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The transaction, which comes following the firm’s purchase of Craftinsure, is set to complete in the first half of 2025.
Alan Thomas, chief executive at Ripe, referred to the acquisition as a “milestone”
Thomas continued: “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.
“With our robust tech stack and marketing expertise, we will continue to deliver exceptional support for existing and new GJW Direct customers while retaining the strong foundations of the brand.”
He also felt the ”M&A strategy is gaining momentum” – the firm hired Jamie Richards as its new head of M&A in July 2024.
Thomas added: “We anticipate more deals with specialist or SME propositions in the near future. 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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