In a significant move within the marine insurance sector, a notable Manchester-based fintech firm has acquired a longstanding city insurer.
The acquisition underscores the firm’s strategic intent to solidify its position as a leader in the non-commercial marine insurance market.
The Manchester fintech firm has finalised the acquisition of GJW Direct, a renowned marine insurer rooted in history since 1826. This acquisition represents the firm’s second major transaction in the last year, further solidifying its position in the sector.
This deal, part of a larger strategic vision, is set to close in the first half of 2025, pending regulatory approval.
The appointment of Alan Thomas as the new CEO marks a pivotal moment for the firm. Formerly the UK CEO at Simply Business, Thomas brings a wealth of experience and a fresh perspective to the organisation.
Thomas emphasised the importance of integrating GJW Direct’s established brand into their operations, highlighting their robust tech stack and marketing expertise.
Danielle Champion, managing director of Munich Re Specialty – Global Markets, UK, expressed satisfaction with the acquisition. Munich Re Specialty has been the proud owner of GJW Direct for over 20 years, establishing it as a trusted brand with a loyal customer base.
Champion stated, “The considered decision to identify a new owner for the business arises from Munich Re Specialty’s broader strategic vision for 2025 and beyond.” The support and foresight of Munich Re indicate confidence in the new direction for GJW Direct.
The acquisition of GJW Direct brings a specialised focus on non-commercial marine insurance, an area where the Manchester firm aims to excel. This move is aligned with their ambition to become a leading force within the niche market.
With over 360,000 policyholders across 20 different products, the firm is positioned to leverage its digital marketing and technological capabilities to drive growth and innovation in marine insurance.
The leadership transition also included Paul Williams, who steps into a non-executive director role after eight years as CEO. Williams’ tenure was marked by consistent double-digit growth, a testament to his strategic leadership.
The firm’s founder, John Woosey, alongside Williams, will continue to support the team in their new roles and as significant shareholders, ensuring continuity and stability during this transition.
Incoming CEO Alan Thomas is optimistic about the future. “This is a great time to join the firm, using the platform to transform the way consumers experience insurance,” Thomas stated.
With a strong foundation already in place, the firm is set for a new chapter of growth and innovation, promising enhanced customer experiences and expanded market reach.
Alan Thomas’ appointment signifies a commitment to leveraging technological and marketing prowess to enhance customer experience and drive growth.
The strategic acquisition of GJW Direct marks a forward-looking approach, promising significant advancements in the marine insurance sector.
The acquisition of GJW Direct by the Manchester fintech firm highlights a significant milestone in their strategic expansion plan.
With experienced leadership and a focus on leveraging technology, the firm is poised to drive substantial growth and innovation in the marine insurance market.
