IncubEx, Inc., a Chicago-based designer and developer of new financial products in environmental and related commodity markets, has purchased Insurwave Limited.

Insurwave is an insurtech platform that connects insurance buyers, brokers and insurers. The firm was founded by Shakleton Holdings Limited, a wholly owned entity of EY. Insurwave has achieved significant adoption with its platform and after the deal will look to expand its geographic reach and lines of business.

Going forward, IncubEx will look to deliver innovative environmental and sustainable products and technology services to the corporate risk and insurance markets.

“IncubEx has historically focused on bringing innovative products and solutions to the environmental markets,” said Michael MacGregor, CEO of IncubEx. “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 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,” added David Power, CEO of Insurwave.