Ripe snaps up specialist boat insurer as it enters next growth phase

Insurtech Ripe has acquired online insurer Craftinsure as it looks to expand its presence in the specialist leisure, lifestyle and small business market, a statement released yesterday (21 September 2023) said.

Craftinsure was founded 22 years ago and offers specialist insurance for boat owners – it currently has over 23,000 policyholders.

Ripe, which currently own the Insure4Boats brand, said that purchasing Craftinsure increased its boat insurance market foothold to more than 50,000 customers.

Paul Williams, chief executive of Ripe, said: “This announcement marks the beginning of Ripe’s strategy to expand through targeted acquisitions in specialist leisure, lifestyle and small business markets.

”This is a landmark moment for Ripe as we expand our boating portfolio through Craftinsure. Our two businesses share digital synergies and a likeminded, customer-focused approach.”

Next step

Ripe said that as part of the deal, Craftinsure will be able to use its technology and marketing expertise to drive future growth.

Craftinsure founders Mark Lee and Rob Cage will continue to lead the business.

Cage said: “We look forward to working with Ripe on the next step in our journey. As boat owners ourselves we set out to bring the best possible insurance options to people who love boating as much as we do.

”We are confident that through this move, we will be able to leverage Ripe’s technology and marketing expertise for our customers.”