American firm IncubEx has acquired insurtech platform Insurwave to offer environmental and sustainability products and technology solutions to the corporate risk and insurance markets.

The financial value of the deal has not been revealed.

Insurwave’s platform connects insurance buyers, brokers and insurance firms enabling placement and servicing of speciality insurance cover.

Since its inception in 2018, Insurwave has focused on the global marine market. It was founded by EY’s wholly-owned subsidiary Shackleton.

As part of IncubEx, Insurwave plans to expand across other major markets and new lines of business such as property, liability, and energy.

IncubEx chairman Neil Eckert 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.”

IncubEx develops and designs financial products for global environmental, climate risk and related commodity markets.

Its product and services are aimed at promoting price discovery and transparency, access to markets and data and transactional efficiencies.

Insurwave CEO David Power 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.”