Acrisure Strengthens Fintech Strategy with Acquisition of Vave
Acrisure, a global fintech leader, has agreed to acquire Vave, a tech-first underwriting Managing General Agent (MGA), from the Canopius Group. The move signals a strategic push by Acrisure to integrate advanced data science and precision underwriting into its broader fintech ecosystem, specifically targeting the complex U.S. Property insurance market.
Precision Underwriting for High-Risk Property
Vave specializes in catastrophe-exposed Excess and Surplus (E&S) property risk within the United States. By combining science and data, the MGA provides instantly bindable quotes for a variety of coverages, including commercial, homeowners, flood, and earthquake insurance.
The core of Vave’s value proposition lies in its technology. The company uses APIs that enable real-time binding and servicing, allowing distribution partners to move quickly in volatile markets. Currently, Vave’s APIs deliver more than 10,000 quotes per day, streamlining a process that has traditionally been slow and manual.
Strategic Integration into Acrisure Underwriting
Vave will join Acrisure Underwriting, a Modern York City-based platform that already consists of 11 MGAs in the U.S. Market. To maintain operational agility, Acrisure Underwriting operates independently from Acrisure’s distribution arm.
According to Grahame Millwater, President of Global Markets & International at Acrisure, Vave’s technology-centric approach aligns perfectly with the firm’s fintech strategy. Acrisure intends to continue investing in Vave’s proprietary technology whereas expanding its product offerings, coverages, and geographic reach.
Leadership and Continuity
To ensure a seamless transition, Vave will continue to operate under its existing brand name. The founding management team, led by Marek Shafer, will remain in place to lead the business.
While Canopius Group is the seller in this transaction, it will maintain a critical role in Vave’s operations. Under a multi-year agreement, Canopius will continue to serve as one of several capacity providers for the MGA.
Key Takeaways: The Acrisure-Vave Deal
- Target Market: Catastrophe-exposed E&S property risk in the U.S.
- Tech Capabilities: API-driven real-time binding delivering 10,000+ quotes daily.
- Organizational Fit: Vave joins a platform of 11 MGAs under Acrisure Underwriting.
- Continuity: Marek Shafer and the founding team will continue to lead the business.
- Capacity: Canopius remains a capacity provider via a multi-year agreement.
Looking Ahead
The acquisition of Vave demonstrates a broader trend in the insurance industry: the shift toward “tech-first” underwriting. By absorbing Vave’s API capabilities and data-driven approach, Acrisure is positioning itself to capture more of the E&S market, where precision and speed are essential for managing high-risk property portfolios.