(Image source: Greg Rosenke/Unsplash.)
Corvus Insurance, a Boston-based specialty insurance MGA offering Smart Commercial Insurance products powered by AI-driven risk data, has announced an expanded strategic partnership with SiriusPoint Ltd. (Pembroke, Bermuda), the global specialty insurer and reinsurer, and program management solution provider R&Q Accredited. The enhanced program, with R&Q Accredited continuing as the fronting insurer, follows an initial investment and multi-year underwriting capacity partnership announced in September 2021. The latest multi-year investment from SiriusPoint and R&Q Accredited adds an additional $100 million to the program and will allow Corvus to build upon its Smart Cyber Insurance offerings.
“Our expanded partnership with SiriusPoint and R&Q Accredited will help Corvus reach new heights,” said Phil Edmundson, Founder and CEO, Corvus Insurance. “Our digital platform, the CrowBar, and the data and AI tools used by Corvus are producing superior loss ratios for our partners. Together we are building a win-win-win for our brokers, policyholders, and risk capital partners.”
Corvus says that the new influx of capital will support the MGA in achieving a wider global reach while continuing to practice a disciplined approach to taking on risk. The company adds that gaining further experience in underwriting, strengthened through superior core technology and data sources will be paramount for its development as a competitor in cyber insurance. The company says it will continue to evolve to meet the needs of its brokers and policyholders.
Agile Response to Evolving Cyber Risk
“We are delighted to expand SiriusPoint’s multi-year agreement with Corvus and to enhance our partnership to support the company’s ongoing growth,” says Patrick Charles, Global Head of Property & Casualty, Insurance & Services, SiriusPoint. “We have continued to be impressed with Corvus’s agility in responding to the evolving cyber risks its clients face, and the innovative and disciplined approach it applies to risk mitigation. We are excited about the next phase of the company’s development.”
“We are excited to build on our partnership with Corvus,” comments Dawn H. Puro, Chief Underwriting Officer, Casualty, R&Q Accredited America. “Their data- and tech-driven approach to cyber liability has already helped drive strong growth, and we are delighted to strengthen our partnership as Phil and his team continue to evolve and expand the Corvus offering.”