UK-based insurtech firm Ripe has accomplished its acquisition of boat insurance coverage specialist GJW Direct from Munich Re Specialty.
Monetary particulars of the deal, initially introduced in October 2024, stay undisclosed.
Arrange in 1826, GJW Direct is understood for its non-commercial marine insurance coverage choices overlaying an array of boats.
Ripe believes that its technological capabilities and advertising experience will assist GJW Direct, paving the way in which to “future progress”.
GJW Direct’s insurance coverage merchandise have been built-in into Ripe’s proprietary know-how platform, Juice.
Ripe CEO Alan Thomas mentioned: “Our proprietary platform will improve the shopper expertise for GJW Direct policyholders whereas preserving the model’s trusted popularity. We’re thrilled to welcome GJW Direct policyholders to Ripe.”
Munich Re Specialty – international markets UK managing director Danielle Champion mentioned: “GJW Direct has been a valued a part of Munich Re Specialty for over 20 years. It is a nice subsequent step for the model, and we want Ripe each success as they transfer ahead in driving the longer term progress of GJW Direct. I want to thank the purchasers of GJW Direct for his or her belief and steady assist throughout Munich Re Specialty’s possession of this prestigious model.
“Munich Re Specialty’s resolution to promote GJW Direct was pushed by a mirrored image on our strategic targets and plans for the following stage of our personal progress. Our Specialty technique within the UK regional market will proceed to advance within the coming years and we’re excited to progress our providing of specialty options for at the moment’s dynamic challenges.”
The deal is about to spice up Ripe’s boat insurance coverage market share, including to its present portfolio that features Insure4Boats and Craftinsure, the latter having been acquired by Ripe in 2023.
“Insurtech firm Ripe finalises GJW Direct buy from Munich Re ” was initially created and printed by Life Insurance coverage Worldwide, a GlobalData owned model.
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