Acrisure has agreed to acquire Vave, a tech-focused underwriting managing general agent (MGA), from Canopius Group as it continues to expand its fintech and specialty underwriting footprint.
Vave, which positions itself as a tech-first MGA, provides bindable quotes to distribution partners on catastrophe-exposed excess and surplus (E&S) property risks in the US via application programming interfaces (APIs).
The platform generates more than 10,000 quotes per day across commercial property, homeowners, flood and earthquake business.
Under the transaction, Vave will keep its brand and will continue to be led by its founding management team, headed by CEO Marek Shafer. Canopius will remain one of several capacity providers to Vave under a multi-year agreement.
“Vave’s technology focus aligns perfectly with Acrisure’s fintech strategy,” said Grahame Millwater (pictured above), president, global markets and international at Acrisure.
He said Vave’s team has shown it can underwrite catastrophe-exposed small commercial and homeowners risks, and that as a unit within Acrisure Underwriting, the firm expects to continue investing in Vave’s proprietary technology and the expansion of products, coverages and geographies.
The timing of the deal also reflects changing conditions in the E&S property space where Vave operates. Market commentary from RPS points to catastrophe-exposed property rates in 2025 declining by about 15%–20%, even as the E&S market’s share of the US property/casualty sector has reached around 9%, signaling a combination of increased capacity and tighter margins for property underwriters.
For Acrisure and Vave, those dynamics may put greater emphasis on scale, portfolio management and technology-driven risk selection in catastrophe-exposed classes. The acquisition positions Vave within a larger platform at a point when E&S players are navigating both sustained demand and growing competitive pressure in property lines.
Vave will become part of Acrisure Underwriting, a New York-based platform that comprises 11 MGAs focused on the US market. Acrisure Underwriting operates separately from Acrisure’s distribution business.
