Acrisure, a global fintech, said it reached an agreement to acquire Vave, a technology-focused underwriting managing general agent, from specialty and property and casualty reinsurer Canopius Group.
Financial terms were not disclosed. The deal remains subject to customary closing conditions.
Vave positions itself as a tech-first underwriting operation built around data-driven pricing and rapid execution.
The MGA offers instantly bindable quotes for catastrophe-exposed excess and surplus risks across the United States, targeting distributors that need speed and scale.
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., via APIs that allow real-time binding and servicing.
Its application programming interface allows the platform to generate more than 10,000 quotes per day, spanning commercial lines, homeowners, flood, and earthquake coverage. Volume sits at the center of the model. Automation does the rest.
Vave will continue to operate under its brand name, and its founding management team, led by Marek Shafer, will continue to lead the business.
Canopius will continue to be one of several capacity providers to Vave, under a multi-year agreement.
Once closed, Vave will fold into Acrisure Underwriting, which now includes 11 MGAs operating in the U.S. market and based in New York.
Acrisure said the underwriting unit runs separately from its insurance distribution business, keeping deal flow and risk selection distinct.
Grahame Millwater, president of global markets and international at Acrisure, said Vave’s emphasis on technology fits squarely with the firm’s broader fintech direction. He said Acrisure plans to continue investing in Vave’s proprietary systems while pushing expansion across products, coverage types, and geographies.
“Vave’s technology focus aligns perfectly with Acrisure’s fintech strategy,” said Grahame Millwater, President Global Markets & International at Acrisure.
Vave’s team has proven themselves to be skilled underwriters of cat-exposed small commercial and homeowners’ risks.
Grahame Millwater, President Global Markets & International at Acrisure
“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.”
The transaction lands as Acrisure reshapes parts of its operating model. The global broker recently said it expects to cut about 400 accounting roles next year as automation and technology adoption accelerate across its platform. Management framed the move as part of wider structural change rather than a one-off cost action.
Neil Robertson, Group CEO of Canopius, said: “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.”
The opportunities for Vave within Acrisure are exciting – our shared outlook on the future of underwriting will ensure we continue to deliver enhanced value to our clients, distribution and capacity partners.
Marek Shafer, CEO of Vave
Norton Rose Fulbright is serving as legal counsel to Acrisure. Fenchurch Advisory Partners is serving as financial adviser to Canopius. Linklaters is serving as legal counsel to Canopius.
According to Beinsure analysts, the Vave acquisition underscores where MGA strategies are heading. Speed, data density, and catastrophe modeling now matter as much as broker relationships.
Acrisure’s bet suggests underwriting technology sits closer to the center of growth plans than headcount.
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 12 years, Acrisure has grown in revenue from $38 mn to almost $5 bn and employs over 19,000 colleagues in 24 countries.
