Ripe has agreed to acquire marine insurance specialist GJW Direct from Munich Re Specialty.
The swoop for GJW Direct, founded in 1826, is Ripe’s second major M&A transaction in 12 months. It says the deal solidifies its place as one of the UK’s leading boat insurance specialists.
“The acquisition of such an established brand as GJW Direct is a milestone for Ripe,” said Alan Thomas, CEO of Ripe.
“We are proud to bring GJW Direct’s products and policyholders into the group and look forward to supporting the further development and growth of the company.
“With our robust tech stack and marketing expertise, we will continue to deliver exceptional support for existing and new GJW Direct customers while retaining the strong foundations of the brand.
“Our M&A strategy is gaining momentum and we anticipate more deals with specialist or SME propositions in the near future. With our industry-leading digital and marketing capabilities, we have the ability to add value and deliver significant growth opportunities to prospective new acquisitions.”
The transaction is set to complete in the first half of 2025.
Danielle Champion, managing director of Munich Re Specialty – Global Markets, UK, said: “Munich Re Specialty has been the proud owner of GJW Direct for over 20 years. It is a trusted brand with a dedicated team, delivering exceptional products and service to a loyal customer base. The considered decision to identify a new owner for the business arises from Munich Re Specialty’s broader strategic vision for 2025 and beyond.
“We are delighted to confirm Ripe as the new owner for the GJW Direct business. We believe that Ripe, with its expertise in the Marine and small craft space along with its strengths in digital marketing is an excellent fit for the GJW Direct business.
“GJW Direct will remain a leading force in the non-commercial marine insurance market, and we wish Ripe every success in driving its future growth.”