Acrisure said it is acquiring Vave, a managing general agent, from parent Canopius.
Terms of the deal were not disclosed.
Vave will continue to operate under its brand name, and its management team, led by CEO Marek Shafer, will continue to lead the business. The MGA will join Acrisure Underwriting, a platform of 11 MGAs in the U.S. market. Based in New York, Acrisure Underwriting operates independently of Acrisure’s distribution.
With its principal place of business in Chicago, Vave operates under London’s Canopius. It began trading in 2019. Canopius will continue to be one of several capacity providers to Vave.
Grand Rapids, Michigan-based Acrisure said Vave combines science, data, and precision underwriting to offer instantly bindable quotes to distribution partners on catastrophe-exposed excess and surplus risk in the U.S.
Vave’s APIs deliver more than 10,000 quotes per day, including commercial, homeowners, flood, and earthquake coverage, Acrisure said.
“Vave’s technology focus aligns perfectly with Acrisure’s fintech strategy,” said Grahame Millwater, president of global markets & international at Acrisure. “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.”
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