Acrisure Completes Acquisition of Vave MGA from Canopius

Business Wire

Vave launches new product for California property owners

LONDON & NEW YORK--(BUSINESS WIRE)--
Acrisure, a global fintech leader, today announces it has completed the acquisition of Vave, a technology-driven property MGA, from Canopius Group.

Vave is now part of Acrisure Underwriting, a platform of 12 MGAs operating in the U.S. insurance markets. Vave continues to operate under its brand name through the leadership of its founding management team, led by Marek Shafer. Canopius Group continues to be one of Vave’s capacity providers under a multi-year agreement.

Vave combines science, data, and precision 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 (APIs), Vave delivers more than 10,000 quotes per day, including 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.

Matt Schweinzger, President of North America Insurance at Acrisure, said: “We look forward to working with the Vave team starting today to continue expanding their technology-enabled products to serve families and small businesses in disaster-prone areas. Vave’s recent expansion into California property risks directly benefits the people of California and Vave’s network of distribution partners.”

Marek Shafer, CEO of Vave, said: “We are grateful to Canopius for sponsoring our team from the idea stage through to a successful sale of the business. Today we begin a new chapter. Under Acrisure’s ownership, we expect to continue expanding our capacity relationships, product offerings, and technology capabilities, starting with our new product for California property owners.”

Vave’s team is based in London and the United States. Vave’s products are distributed exclusively via a network of wholesalers in the United States. For more information, visit vavemga.com.

About Acrisure:

A global fintech leader, Acrisure empowers millions of ambitious businesses and individuals with the right solutions to grow boldly forward. Bringing cutting-edge technology and top-tier human support together, it connects clients with customized solutions across a range of insurance, reinsurance, payroll, benefits, cybersecurity, real estate services – and beyond. In the last twelve years, Acrisure has grown in revenue from $38 million to almost $5 billion and employs over 19,000 colleagues in 24 countries. And this is just the beginning. To learn more, visit Acrisure.com.

About Canopius:

Canopius is an international specialty and P&C (re)insurer. Canopius underwrites insurance products on several platforms to offer a wide range of specialty solutions. Our offices are located in Australia, Bermuda, Singapore, the UK and the US. We underwrite through Lloyd’s Syndicate 4444 (managed by Canopius Managing Agents Limited), a U.S. surplus lines insurer, Canopius US Insurance, Inc (CUSI) and Canopius Reinsurance Ltd, a Bermuda based Class 4 Reinsurer. By working together across regions, we create global insurance solutions in more than 130 countries. To learn more, visit Canopius.com.