Chicago-based IncubEx snaps up InsurTech Insurwave
Chicago-based IncubEx has acquired InsurTech platform Insurwave with a view to delivering environmental and sustainability technology to the corporate risk and insurance markets.
Financial terms were not disclosed.
As a result of the deal, EY, through its wholly owned subsidiary Shackleton, becomes a minority shareholder in IncubEx.
Insurwave is a software-as-a-service provider that connects insurance buyers, brokers and insurers supporting the placement and servicing of specialty insurance.
Following the acquisition, the InsurTech – which has established a “significant presence” in marine since its launch in 2018 – plans to expand into other geographies and lines of business, including property, liability and energy.
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.”
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."
Insurwave is built on an open-source distributed ledger system first designed by tech firm R3.
It uses the structure of blockchain to help marine companies manage their assets and risk profiles more effectively and receive real-time information from multiple parties.
Guardtime, AP Møller-Maersk, Microsoft and Willis Towers Watson, XL Catlin, MS Amlin and Acord have participated in the venture together with EY.