Acrisure has agreed to acquire Vave, a technology-first underwriting management general agency, from Canopius Group, an international specialty insurer and P&C/insurance company.
Vave, which will continue to operate under its own brand, leverages data-driven precision underwriting to provide instant bindable quotes for U.S. catastrophe E&S property risks, with real-time binding and servicing via APIs.
The founding management team, led by Marek Shafer, will remain in place and Canopius will continue as one of several capacity providers under the multi-year agreement.
Vave will join Acrisure Underwriting, a platform of 11 MGAs based in New York City in the US market.
The transaction is subject to customary closing conditions. Terms were not disclosed.
Grahame Millwater, President of Global Markets and International at Acrisure, commented: “Vave’s technology focus is a perfect fit with Acrisure’s fintech strategy. Vave’s team has proven themselves to be skilled underwriters of small business and homeowner risks.
“As a division of Acrisure Underwriting, Vave and Acrisure will continue to invest in Vave’s proprietary technology and expand products, coverage and geographies.”
Canopius Group CEO Neil Robertson said: “We are extremely proud of what the Vave team has achieved. From its initial bold idea to becoming a market-leading technology-driven MGA, Vave embodies Canopius’ commitment to delivering innovative and practical solutions to its customers. We look forward to continuing our partnership and watching Vave thrive as part of Acrisure’s ambitious vision.”
Marek Shafer, CEO of Vave, added: “Today is a watershed moment for Vave. We are grateful for Canopius’ support since our initial idea and for the ongoing capacity support we have provided. The opportunity for Vave in Acrisure is exciting – our shared vision for the future of underwriting will ensure we continue to deliver enhanced value to our customers, distribution and capacity partners.”
