IncubEx, Inc., a Chicago-based privately held company, has announced the acquisition of Insurwave, an insurtech platform that connects insurance buyers, brokers and insurers.
Insurwave was founded by Shackleton Holdings Limited in 2018 and is wholly owned by EY. Since its launch, it’s established a significant presence in the global marine markets.
The company now intends to expand across other major regions and lines of business, including property, liability, and energy as part of IncubEx.
IncubEx designs and develops new financial solutions in global environmental, climate risk, and related commodity markets.
The firm works with its partners to offer products and services that promote price discovery and transparency, access to markets and data and transactional efficiencies in environmental markets globally.
At the same time, Insurwave has identified areas where access to information and data can be improved and has developed transformational efficiencies for its customers through its tech platform in bridging these gaps.
The acquisition of Insurwave enables IncubEx to deliver innovative environmental and sustainability products and technology solutions to both the corporate risk and insurance markets.
As part of the deal, Shackleton is set to become a minority shareholder in IncubEx, which is well positioned to take Insurwave to its next phase of development.
Neil Eckert, Chairman of IncubEx, commented: “Our view is that insurance and climate risk are becoming inextricably linked. The sector will continue to see expanding opportunities as a result of climate change with increasingly complex supply chain risks in the corporate and captive markets.
“Our clients will need solutions to manage their transition to net zero across insurance and financial markets and it is critical that we provide the technology to focus on connecting them with brokers and the markets.”
Rodney Bonnard, Director of Shackleton and Partner at Ernst & Young LLP, said: “We are delighted to have invested in and supported Insurwave on this journey, enabling its transition to a standalone business. Given the strategic alignment, it’s the perfect time for Insurwave to develop further as part of IncubEx and we extend best wishes for future success.”
Michael MacGregor, Chief Executive Officer (CEO) of IncubEx, added: “IncubEx has historically focused on bringing innovative products and solutions to the environmental markets. With the acquisition of Insurwave, we add proven technology that addresses a customer base that is increasingly in need of new products and services that digitize information, improve data access and streamline transaction processes.
“We are eager to unlock the potential of the Insurwave platform alongside IncubEx’s core focus on global environmental and climate risk market opportunities.”
David Power, CEO of Insurwave, said: “Large scale insurance buyers are demanding technology that provides a simple and transparent solution for understanding their exposures and connecting with their insurance markets. Clients require platforms that openly integrate with internal systems and external data. We are excited to see a genuine transformation for insurance buyers, brokers and insurers by embracing the Insurwave platform that connects to their exposures, contracts and markets today.”
While Shaun Crawford, Chairman of Insurwave, commented: “This is a critical time for innovators and major brands to combine and deliver solutions for industries. I’m very proud of the Insurwave story over the past few years and excited by the market opportunity now being opened up by IncubEx with its ESG credentials.
“The combination of IncubEx and Insurwave will focus on the specialty and corporate insurance market which has so far been slow in adopting technology.”