IncubEx, a Chicago-based company that designs and develops new financial products in global environmental, climate risk and related commodity markets, has announced that its acquisition of the insurtech platform Insurwave.
UK-based Insurwave connects insurance buyers, brokers and insurers to support the placement and servicing of specialty insurance. It was founded by Shackleton Holdings Limited, a subsidiary of EY.
The acquisition will enable IncubEx to deliver innovative environmental and sustainability products and technology to the corporate risk and insurance markets, the company said. As part of the deal, Shackleton has become a minority shareholder in IncubEx.
Since its founding in 2018, Insurwave has established a significant presence in the global marine market. As part of IncubEx, the company now plans to expand across other major geographies and lines of business, including property, liability and energy.
“Our view is that insurance and climate risk are becoming inextricably linked,” said Neil Eckert, chairman of IncubEx. “The sector will continue to see expanding opportunities as a result of climate change, with increasingly complex supply-chain risks in the corporate and captive markets. Our clients will need solutions to manage their transition to net-zero across insurance and financial markets, and it is critical that we provide the technology to focus on connecting them with brokers and the markets.”
“We are delighted to have invested in and supported Insurwave on this journey, enabling its transition to a standalone business,” said Rodney Bonnard, director of Shackleton and partner at Ernst & Young. “Given the strategic alignment, it’s the perfect time for Insurwave to develop further as part of IncubEx, and we extend best wishes for future success.”
“IncubEx has historically been focused on bringing innovative products and solutions to the environmental markets,” said Michael MacGregor, CEO of IncubEx. “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 digitize 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.”
“Large-scale insurance buyers are demanding technology that provides a simple and transparent solution for understanding their exposures and connecting with their insurance markets,” said David Power, CEO of Insurwave. “Clients require platforms that openly integrate with internal systems and external data. 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.”