A Manchester-based digital insurance MGA Ripe reported its 17th straight year of double-digit growth, with turnover reaching £20.6mn in 2024.
Revenue rose by £2.8mn year-on-year, driven by expansion across SME, leisure, and lifestyle products. The policyholder base grew to 365,000.
Late in 2024, the company acquired specialist boat insurer GJW Direct. This pushed the total number of policyholders past 400,000.
The deal followed its October 2023 acquisition of Craftinsure, which has since migrated to Ripe’s proprietary tech platform, Juice.
The transition of all legacy products to Juice aimed to improve customer experience. The move also supported a 15% growth rate, helped by stronger marketing and additional investment in technology.
The firm also secured investment and operational backing from Aquiline, based in London and New York. This support has allowed the business to continue its growth plans.
CFO Rob Styring said the results reflect the strength of the business model. He noted the company achieved solid organic growth, integrated Craftinsure, and expanded further with the GJW Direct acquisition.
These results highlight the strength and resilience of Ripe’s business model. We’ve achieved strong organic growth, seamlessly integrated Craftinsure, and taken another significant step forward with the addition of GJW Direct.
Rob Styring, CFO at Ripe
“With all our products now on the Juice platform and a healthy pipeline of new launches and acquisitions ahead, we are in an excellent position to continue scaling,” Rob Styring, CFO at Ripe said.
With all products now operating on the Juice platform and more launches and deals planned, Ripe expects to continue scaling. The company plans to enter new markets and use data to improve customer outcomes.
We’re a trailblazing insurtech business with a fresh approach. Our grasp of data, analytics and pricing means we can use our unique technology, underwriting MGAs and know-how to make it hard for existing players to compete with us when we enter a new market.
Rob Styring, CFO at Ripe
“We turn the approach of traditional insurers upside down. Whilst they love to bundle different types of cover so consumers pay for a package, at Ripe we allow consumers to build a policy that only includes the cover they need. Traditional insurers love long, complicated proposal forms but at Ripe we make everything fresh, fast, clear and transparent”.
Our plan will see us break into and disrupt many more markets and specialists on our journey to become the leading specialist digital insurance provider in the UK.
“And as we grow in the UK we are also going to be looking at how we can take our fresh approach to other territories around the world”.
