Global fintech leader Acrisure has completed the previously announced acquisition of Vave, the technology-driven management general agency (MGA) of specialty reinsurance/insurance company Canopius Group.
Under the terms of the deal, Vave now becomes part of Acrisure Underwriting, a platform of 12 MGAs operating in the U.S. insurance market.
MGA will continue to operate under its brand name and will be led by CEO Marek Shafer and its founding management team.
Vave combines science, data and underwriting to provide distribution partners with instant, bindable quotes on U.S. catastrophic E&S property risks. Through its application programming interface, it provides more than 10,000 quotes daily, including commercial, homeowner, flood and earthquake coverage.
Vave recently launched a residential and commercial real estate product for California and expects to soon launch a commercial suite focused on cat-infested areas.
MGA’s teams are based in London and the United States, and its products are distributed exclusively through a network of wholesalers in the United States. In addition, Canopius remains one of Vave’s capacity providers under a multi-year agreement.
Matt Schweinzger, President of Acrisure North America Insurance, commented: “We look forward to working with the Vave team starting today to continue expanding their technology-enabled offerings to serve families and small businesses in disaster-prone areas.
“Vave’s recent expansion into California real estate ventures directly benefits the people of California and Vave’s network of distribution partners.”
Shafer added: “We are grateful to Canopius for sponsoring our team from the idea stage through to the successful sale of the business.
“Today we begin a new chapter. Under Acrisure’s ownership, we hope to continue to expand our capacity relationships, product offerings and technology capabilities, starting with new products for California homeowners.”
