Corvus Insurance & SiriusPoint Announce Strategic Investment and Multi-Year Underwriting Capacity Partnership
Corvus Insurance, the leading provider of smart commercial insurance products powered by AI-driven risk data, and SiriusPoint Ltd., the global specialty insurer and reinsurer, announced a strategic investment and multi-year underwriting capacity partnership that will support existing and future commercial insurance product offerings. The partnership’s first program, with leading program management solution provider R&Q’s Accredited acting as the fronting insurer, focuses on Corvus’s Smart Cyber Insurance product and builds on the company’s existing cyber operations.
This new program enables Corvus to take on primary and excess cyber liability risks for businesses earning up to $1B in gross annual revenue, with limits up to $5M. All incoming claims will be fully managed end-to-end by the Corvus in-house Claims team. Current and previous Smart Cyber Insurance programs remain intact and separate from this new undertaking.
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“Corvus is focused on making the world a safer place, and this new partnership with SiriusPoint and R&Q’s Accredited will play an integral role in extending our mission,” said Phil Edmundson, founder and CEO of Corvus Insurance. “We are excited to expand our capabilities in providing world-class smart commercial insurance products to a new generation of brokers and policyholders, and we thank our new partners for making this possible.”
With their multi-year underwriting capacity arrangement and SiriusPoint’s investment in Corvus, the companies aim to expand upon the successful track record of Corvus’s Smart Cyber Insurance product, as well as to pursue new, differentiated commercial insurance products.
“We are delighted to announce our strategic partnership with Corvus. Cyber is a critical product to businesses as operations and assets are digitized at ever increasing speed, and it is essential that as insurers, we are responding to our client’s needs,” said Prashanth Gangu, COO and President, Insurance and Services, SiriusPoint. “SiriusPoint studied the market extensively and decided on a deep partnership and multi-year underwriting capacity arrangement with Corvus. We were impressed by the company’s underwriting performance and their innovative, analytical approaches to risk selection and loss mitigation. Corvus is aligned with SiriusPoint’s focus on agility, effective use of data, and close collaboration with brokers and policyholders — all critical in a market where risk vectors are constantly changing. We are excited about the future Corvus roadmap in terms of talent, technology, and expansion.”
“Corvus’s data- and tech-driven approach to cyber liability has been proven to meet the challenge of underwriting cyber risk and we are delighted to partner with them, alongside SiriusPoint, to enable further expansion of their leading offering,” said Dawn H. Puro, Chief Underwriting Officer, Casualty of R&Q Accredited America.
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