Acrisure, a global fintech leader, has completed its previously announced acquisition of specialty re/insurer Canopius Group’s technology-driven property managing general agent (MGA), Vave.
As per the terms of the deal, Vave now forms part of Acrisure Underwriting, a platform of 12 MGAs operating in the US insurance markets.
The MGA will continue to operate under its brand name, led by Marek Shafer as Chief Executive Officer and its founding management team.
Vave combines science, data, and underwriting to offer instantly bindable quotes to distribution partners on catastrophe-exposed E&S property risk in the US. Via its application programming interfaces, it delivers over 10,000 quotes per day, including commercial, homeowners, flood, and earthquake coverage.
Vave recently launched a California-specific home and commercial property product, and expects to launch a commercial package product focused on cat-exposed areas soon.
The MGA’s team is based in London and the US, and its products are distributed exclusively via a network of wholesalers in the US. Additionally, Canopius continues to be one of Vave’s capacity providers under a multi-year agreement.
Matt Schweinzger, President, North America Insurance, Acrisure, commented, “We look forward to working with the Vave team starting today to continue expanding their technology-enabled products to serve families and small businesses in disaster-prone areas.
“Vave’s recent expansion into California property risks 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 a successful sale of the business.
“Today we begin a new chapter. Under Acrisure’s ownership, we expect to continue expanding our capacity relationships, product offerings, and technology capabilities, starting with our new product for California property owners.”
