IncubEx, Led by Industry Veteran Eckert, Buys UK Insurtech Platform Insurwave
IncubEx Inc., a Chicago-based company that is chaired by industry veteran Neil Eckert and designs and develops new financial products in global environmental, climate risk and related commodity markets, announced the acquisition of Insurwave Ltd.
Insurwave is an insurtech platform that connects insurance buyers, brokers and re/insurers and supports the placement, administration and servicing of specialty insurance contracts. It was founded by Shackleton Holdings Ltd., a wholly owned Ernst & Young entity.
Financial details of the acquisition were not disclosed.
This acquisition enables IncubEx to deliver innovative environmental and sustainability products and technology solutions to the corporate risk and insurance markets. As a result of this transaction, Shackleton has become a minority shareholder in IncubEx, which is ideally placed to take Insurwave to its next stage of development.
Since its launch in 2018, London-based Insurwave has established a significant presence in the global marine markets. Having demonstrated the value of its proven technology and achieved significant adoption, Insurwave now plans to expand across other major geographies and lines of business, including property, liability and energy as part of IncubEx.
Founded in 2016 with offices in Chicago and London, IncubEx works with its partners to deliver products and services that promote price discovery and transparency, access to markets and data and transactional efficiencies in environmental markets globally. Insurwave expands on this approach with the insurance sector.
“Our view is that insurance and climate risk are becoming inextricably linked. 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,” commented Neil Eckert, IncubEx’s chairman. Eckert also serves as chairman of Conduit Reinsurance Ltd., a London-based reinsurance company with a market capitalization of $1.2 billion. Eckert founded Brit Insurance Ltd. in 1995 and remained its CEO until March 2005.
“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,” Eckert said.
Michael MacGregor, CEO of IncubEx, confirmed the importance of this move into the insurance sector. “IncubEx has historically focused on bringing innovative products and solutions to the environmental markets. 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,” he said.
“We are eager to unlock the potential of the Insurwave platform alongside IncubEx’s core focus on global environmental and climate risk market opportunities,” MacGregor added.
“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.”
Shaun Crawford, chairman of Insurwave, commented: “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. The combination of IncubEx and Insurwave will focus on the specialty and corporate insurance market which has so far been slow in adopting technology.”
Source: IncubEx Inc.