Canopius Group has launched an algorithmic underwriting platform as an MGA.
Vave began trading in May 2019, and has since quoted on over 1.2 million risks, representing US$2.2bn of premium. The MGA is forecast to exceed US$100m premium by the end of the year.
With a growing US homeowners property and monoline flood portfolio, the MGA will be launching a commercial property product later this year.
The platform is controlled by data-driven underwriting algorithms and, drawing on attributes from millions of lines of risk information, by a team led by Marek Shafer, Jamie Martin and Rob Porter.
Shafer said: “Vave’s vast potential was evident very early on and as an MGA it can access the capital required to really set it loose in terms of scale and sophistication. It is hyper efficient for brokers and, with greatly reduced frictional costs, highly effective from a capacity perspective. Vave is not a delegated authority play, in fact it is arguably the opposite as it is bringing the underwriting back to London.”
Mike Duffy, CUO, Canopius said: “Vave is a fresh approach to insuring high-volume risk, bringing clarity and efficiency to risk portfolio management. Vave was created as this is exactly the kind of innovation Lloyd’s requires from the market. After three years of development and a highly successful year of trading, we believe Vave is the future of Lloyd’s. By reducing costs and improving data accuracy through its digital processes, Vave is already demonstrating some of the market’s key ambitions outlined in Blueprint Two.”
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