acrisure Acquires Tech-Focused Underwriting Firm Vave in Strategic Expansion
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Acrisure, a global fintech and insurance solutions provider, has reached an agreement to acquire Vave, a leading Managing general Agent (MGA) specializing in technology-driven underwriting. The acquisition, announced today, signals Acrisure’s continued investment in insurtech and expands its capabilities in the U.S. property and casualty market.
Expanding Acrisure’s Underwriting Platform
Vave distinguishes itself through its use of data-driven underwriting, delivering instantly bindable quotes for U.S. catastrophe-exposed Excess & Surplus (E&S) property risks. The firm’s technology allows for real-time binding and servicing through an Submission Programming Interface (API), streamlining the insurance process for brokers and clients. Vave will become part of Acrisure Underwriting, a platform comprised of 11 MGAs operating in the U.S., and is based in New York City.
“Vave’s technology focus aligns perfectly with Acrisure’s fintech strategy,” stated a senior official at Acrisure. “Vave’s team has proven themselves to be skilled underwriters of cat-exposed small commercial and homeowners’ risks.”
Continued Innovation and Partnership with Canopius
Despite the acquisition, Vave will maintain its brand identity and existing management team, led by CEO Marek Shafer. Importantly, Canopius Group, the international specialty and P&C re/insurer from whom Acrisure is acquiring Vave, will remain a key capacity provider under a multi-year agreement. This ensures continuity for Vave’s partners and clients.
“We are immensely proud of what the Vave team has accomplished,” said the Group CEO of Canopius. “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.”
Future growth and Investment
Acrisure plans to further invest in Vave’s proprietary technology and expand its product offerings, coverages, and geographic reach. This strategic move underscores Acrisure’s commitment to leveraging technology to enhance the underwriting process and deliver greater value to its clients.
“Today marks a watershed moment for Vave,” added the CEO of 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
