Insurtech company Ripe has 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.

The specialist insurer presently has more than 23,000 policyholders.

Together with Ripe’s current Insure4Boats brand, this deal will raise the boat insurance market foothold of the company to more than 50,000 policyholders.

The deal is part of Ripe’s strategy to become a key specialist boat insurer in the UK. 

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

“With our cutting-edge technology and delivery of products designed around customer’s individual needs, we believe this is an incredibly exciting moment for us and the customers we serve.”

The latest acquisition comes after Aquiline Capital Partners made an investment in Ripe last year.

Following the conclusion of the deal, Craftinsure founders Mark Lee and Rob Cage will continue in their roles as the leaders of the business.

Commenting on the acquisition, Cage said: “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.”