UK-based insurtech platform Ripe Thinking has announced that it has signed an agreement for Aquiline Capital Partners to acquire a majority stake, media reports said. The financial deals have not been disclosed yet.
The deal will see Aquiline will work closely with Ripe Thinking’s management team to continue and accelerate the build of a market-leading digital insurance distribution platform.
As per reports, Ripe’s management team will continue to be led by chief executive Paul Williams and founder and managing director John Woosey.
John Woosey said that the partnership is a testament to the work of the insurtech’s incredible team which has delivered their strong and consistent growth year after year. According to him, the investment will allow the firm to accelerate its ambitions for international growth while still effectively and efficiently serving its customers across the UK.
With regard to the investment in Ripe Thinking, Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline told the media, “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.”