Neil Eckert-chaired firm enters insurance sector with acquisition
Re/insurance veteran, Brit co-founder and executive chair of Conduit Re Neil Eckert’s (pictured) venture IncubEx is making a move into the insurance sector with the acquisition of London-based commercial lines insurtech Insurwave.
Their combined operations will focus on the specialty and corporate insurance market which, it says, has so far been slow in adopting technology.
Chicago-based IncubEx is led by Eckert as chairman and Michael MacGregor as chief executive officer (CEO). The company was founded in 2016 to design and develop new financial products in global environmental, climate risk and related commodity markets.
Since its launch in 2018, Insurwave has established a significant presence in the global marine markets. It now plans to expand across other major geographies and lines of business, including property, liability and energy as part of IncubEx.
IncubEx hopes the acquisition will enable it to deliver innovative environmental and sustainability products and technology solutions to the corporate risk and insurance markets.
Eckert believes 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. 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,” he explained.
MacGregor said: “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. 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. 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, 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. The combination of IncubEx and Insurwave will focus on the specialty and corporate insurance market which has so far been slow in adopting technology.”
The transaction will see Shackleton become a minority shareholder in IncubEx. Rodney Bonnard, director of Shackleton and partner at Ernst & Young, commented: “We are delighted to have invested in and supported Insurwave on this journey, enabling its transition to a standalone business. 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.”
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