Acrisure has agreed to acquire Vave, a tech-first underwriting Managing General Agent, from international specialty and P&C re/insurer Canopius Group.
Vave, which uses data-driven, precision underwriting to deliver instantly bindable quotes on U.S. catastrophe-exposed E&S property risks, with real-time binding and servicing via API, will continue operating under its own brand.
Its founding management team, led by Marek Shafer, will remain in place, and Canopius will stay on as one of several capacity providers under a multi-year agreement.
Vave will join Acrisure Underwriting, a platform of 11 MGAs in the U.S. market based in New York City.
The transaction is subject to customary closing conditions. Terms were not disclosed.
Grahame Millwater, President Global Markets & International at Acrisure, commented, “Vave’s technology focus aligns perfectly with Acrisure’s fintech strategy. Vave’s team has proven themselves to be skilled underwriters of cat-exposed small commercial and homeowners’ risks.
“As a unit within Acrisure Underwriting, Vave and Acrisure will continue to invest in Vave’s proprietary technology and expansion of products, coverages and geographies.”
Neil Robertson, Group CEO of Canopius, said, “We are immensely proud of what the Vave team has accomplished. From its inception as a bold idea to becoming a market-leading technology-driven MGA, Vave reflects Canopius’ commitment to innovation and practical solutions for clients. 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 marks a watershed moment for Vave. We are grateful for Canopius’ support since we hatched our original idea, and for our ongoing capacity support. The opportunities for Vave within Acrisure are exciting – our shared outlook on the future of underwriting will ensure we continue to deliver enhanced value to our clients, distribution and capacity partners.”
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