Vertical Insure Merges with Next Wave Insurance to Rapidly Expand Its Insurance Product Offerings This merger positions Vertical Insure as the leading provider of embedded insurance for vertical SaaS.
Minneapolis, MN
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June 27, 2023 08:03 AM Central Daylight Time
Vertical Insure, the embedded insurance platform built for vertical SaaS platforms, today announced its merger with Next Wave, a provider of commercial, accident and travel related insurance products to numerous vertical industries. This merger strengthens Vertical Insure’s capabilities and cements its position as the leading provider of embedded insurance products and services for vertical SaaS.
Vertical Insure provides vertical SaaS platforms with embedded, white label insurance products that can be deployed to their current customer base via robust APIs. The merger with Next Wave will enable Vertical Insure to rapidly expand its range of customized insurance products available to new and current customers. Next Wave brings over 15 years of experience developing niche insurance programs, like their recently developed youth sports insurance program designed to help amateur and youth sports organizers and participants protect against liability and event cancellation exposures, unforeseen sports related individual medical expenses, non-refundable registration fees and other exposures.
"We are thrilled to announce our merger with Next Wave. This merger marks a significant milestone in the growth and expansion of Vertical Insure,” said Brock Noland, Co-Founder and CEO of Vertical Insure. “Next Wave has a long history in the insurance industry and a deep understanding of how to build great insurance products. This move will enable us to even better serve our customers and provide them with the customized insurance options they need.”
"We are excited to be joining forces with Vertical Insure. This merger is a great opportunity for the companies to leverage each other’s strengths. We see tremendous potential in combining our trusted relationships and industry knowledge with Vertical Insure's software platform and technical expertise. We’re looking forward to this new chapter and the opportunities it will bring," said Jeff Ward, Founder and CEO of Next Wave.
"As a customer of Vertical Insure, this is a welcome development because it expands the insurance products, services and expertise already available to us through the Vertical Insure software platform. At Crossbar, our mission is to help club admins spend more time being parents by building amazing tools. We look forward to increasing the insurance options available that meet the unique needs of our customers," said Chris DeGroat, Founder and CEO of Crossbar.
With this merger, Vertical Insure aims to expand its range of insurance products, accelerate the innovation of new insurance products and continue rapidly scaling the business. Vertical Insure recently announced it raised $2M in additional financing led by Greenlight Re Innovations, bringing its total seed funding raised since inception to $6M.
About Vertical Insure:
Vertical Insure is an embedded insurance platform built for vertical SaaS platforms. The company offers customized insurance options that are 100% built around each business and its customers, resulting in added value and new revenue without any extra overhead. Make insurance part of any purchase in any vertical with Vertical Insure. For more information, please visit www.verticalinsure.com.
About Next Wave:
Next Wave operates as a Program Administrator, Managing General Underwriter and Wholesale Brokerage firm, offering independent agents and brokers a broad range of commercial, personal lines, accident and travel related insurance products nationwide. The Company represents leading international and domestic carrier partners to write traditional and specialty lines of coverage. The firm also develops and distributes niche programs supported by leading edge technology. To learn more, please visit www.nextwaveins.com
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