Ripe turnover in 2021 was only £23.3m but 2022 continues the firm’s 15 year record of revenue growth.
Over the year, Ripe added over 30,000 policyholders, increasing the total number to 315,000 across leisure, lifestyle and SME insurance products.
In addition, this growth allowed the firm to remain profitable while increasing investment in proprietary technology, senior personnel, and new product development.
As a result of the focus on expansion, Ripe saw its gross profit margin decrease by 9%.
Speaking to LII, Paul Williams, CEO of Ripe, said: “From announcing our first acquisition into the specialist boat insurance market, it’s clear that Ripe’s unique approach will enable future acquisitions. As for whether we’re actively on the hunt, our philosophy is simple – we want to work with insurance businesses which have a likeminded approach and service targeted groups of customers within the small business, leisure or lifestyle insurance sectors. Our focus will always be on continuing to provide our award-winning products whilst working to make the right strategic investments to help us build a long-term platform for further growth.”
Ripe growth and expansion
Ripe greatly invested in its technology during the last financial year as it planned to expand into the SME market.
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The insurtech’s SME policy for hair and beauty professionals launched in June 2023 and it hopes to launch more products by the end of 2024.
Furthermore, Ripe invested in personnel and this led to a 27% increase in headcount. Technology and marketing divisions now account for over half of Ripe’s employee base. Investment from Aquiline Capital Partners has enabled Ripe to pursue this strategy.
Rob Styring, chief financial officer at Ripe, said: “This is a strong set of results, demonstrating that we can continue to be profitable, while investing significantly in the long-term growth of the business. This year, we’re continuing to prioritise innovation and strategic growth. We will continue scaling the business, building on an already strong product portfolio, to cement Ripe as the UK’s leading digital insurer.”
Also this year, Ripe executed its first merger and acquisition (M&A) transaction by buying specialist boat insurer Craftinsure for an undisclosed sum.
Founded more than two decades ago, Craftinsure delivers specialist insurance for boat owners.
The deal allows Craftinsure to leverage Ripe’s technology and marketing capabilities to boost its growth.