Acrisure Completes Buy of MGA Vave From Canopius

Fintech Acrisure said it has completed it deal to acquire managing general agent Vave from its parent company, Canopius.

Vave will continue to operate under its brand name and be a part of New York-based Acrisure Underwriting, a platform of 12 MGAs operating in the U.S. Vave will also continue to be led by its management team, led by CEO Marek Shafer.

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.

Vave combines science, data, and underwriting to offer instantly bindable quotes to distribution partners on catastrophe-exposed E&S property risk in the U.S. Through its application programming interfaces, Vave makes more than 10,000 quotes per day on risk such as 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.

Terms of the deal were not disclosed.

Topics Insurance Wholesale