Aviva signs five year capacity deal with tech-driven niche insurer Ripe
Insurer Aviva has agreed to a five-year capacity deal with UK-based insurtech Ripe Insurance.
Under the agreement, which became effective from January 2019, Aviva will become the capacity provider for the majority of Ripe’s niche insurance products in the sport, leisure and business sectors.
Phil Bayles, managing director, intermediaries, at Aviva said: “Aviva is delighted to be partnering with Ripe. It’s important we look at different ways of working within our industry and Insurtech companies such as Ripe bring a different way of thinking which compliments well with our approach.”
Paul Williams, CEO of Ripe, said: “Aviva demonstrated their appetite to partner with Ripe’s tech-driven and agile approach to niche insurance. At a time of such volatility and uncertainty particularly amongst unrated insurers, it is a credit to the team here and to our consistent underwriting performance that the UK’s largest A-rated insurer sought a long-term capacity arrangement with us.”
“As an insurtech business, it’s vital that we have a partner who understands our fast moving digital model and growth ambitions. Aviva recognises the future of insurtech and will not only help us accelerate our product pipeline, but potentially open new opportunities for distributing Ripe products through Aviva channels,” Williams added.
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