IncubEx Inc, a Chicago-based privately held company that designs and develops financial products in global environmental, climate risk and related commodity markets, has announced its acquisition of Insurwave Limited.
Insurwave is an insurtech platform that connects insurance buyers, brokers and insurers supporting the placement and servicing of specialty insurance. It was founded by Shackleton Holdings Limited, a wholly owned EY entity.
As a result of the transaction, Shackleton has become a minority shareholder in IncubEx.
Meanwhile, IncubEx said the acquisition enables the company to deliver “innovative” environmental and sustainability products, and technology solutions, to the corporate risk and insurance markets.
Additionally, Insurwave now plans to expand across other major geographies and lines of business, including property, liability and energy as part of IncubEx.
Michael MacGregor, CEO of IncubEx, said: “With the acquisition of Insurwave, we add proven technology that addresses a customer base that is increasingly in need of new products and services that digitise information, improve data access and streamline transaction processes.
“We are eager to unlock the potential of the Insurwave platform alongside IncubEx’s core focus on global environmental and climate risk market opportunities.”
David Power, CEO of Insurwave, said: “Large scale insurance buyers are demanding technology that provides a simple and transparent solution for understanding their exposures and connecting with their insurance markets.
“We are excited to see a genuine transformation for insurance buyers, brokers and insurers by embracing the Insurwave platform that connects to their exposures, contracts and markets today.”
Shaun Crawford, Insurwave chairman, added: “This is a critical time for innovators and major brands to combine and deliver solutions for industries. I’m very proud of the Insurwave story over the past few years and excited by the market opportunity now being opened up by IncubEx with its ESG credentials.”