IncubEx Inc, the company founded by the executive chairman of Bermudian-based Conduit Holdings Ltd, has acquired Insurwave Limited, the insurtech platform.

Neil Eckert founded IncubEx in 2016.

Conduit Holdings is the parent of Bermudian-based Class 4 reinsurer Conduit Re, part of the Class of 2020 group of companies set up to capitalise on rising re/insurance rates.

Having offices in Chicago and London, privately held IncubEx designs and develops new financial products in global environmental, climate risk and related commodity markets.

Insurwave is an insurtech platform that connects insurance buyers, brokers and insurers supporting the placement and servicing of specialty insurance.

It was founded by Shackleton Holdings Limited, a wholly owned EY entity.

IncubEx said that this acquisition enables the company 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 said that it is ideally placed to take Insurwave to its next stage of development.

Since its launch in 2018, IncubEx said, 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 key geographies and lines of business, including property, liability and energy as part of IncubEx.

IncubEx said that it 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 to the insurance sector.

Insurwave has identified key areas where access to information and data can be improved and has created transformational efficiencies for its customers through its technology platform in bridging these gaps, IncubEx said.

Mr Eckert, also the executive chairman of IncubEx, said: "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.

“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."