SiriusPoint and Corvus in strategic partnership
SiriusPoint Ltd, the Bermuda-headquartered global specialty re/insurer, and Boston-headquartered Corvus Insurance have announced a strategic investment and multi-year underwriting capacity partnership.
Corvus is a provider of smart commercial insurance products powered by AI-driven risk data.
The companies said the partnership will support existing and future commercial insurance product offerings.
The partnership’s first programme, with programme 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 programme enables Corvus to take on primary and excess cyber liability risks for businesses earning up to $1 billion in gross annual revenue, with limits up to $5 million.
All incoming claims will be fully managed end-to-end by the Corvus in-house claims team. Current and previous Smart Cyber Insurance programmes remain intact and separate from this new undertaking.
Phil Edmundson, founder and CEO of Corvus Insurance, said: “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.
“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 said they 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.
Prashanth Gangu, COO and president, Insurance and Services, SiriusPoint, said: "We are delighted to announce our strategic partnership with Corvus. Cyber is a critical product to businesses as operations and assets are digitised at ever increasing speed, and it is essential that as insurers, we are responding to our client's needs.
“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.”
Dawn H. Puro, chief underwriting officer, Casualty of R&Q Accredited America, said: “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."
Corvus Insurance said it was founded in 2017 by a team of veteran entrepreneurs from the insurance and technology industries. Corvus is backed by Insight Partners, Bain Capital Ventures, 406 Ventures, Hudson Structured Capital Management, Aquiline Technology Growth, FinTLV, Telstra Ventures, Obvious Ventures, and MTech Capital. The company is headquartered in Boston, Massachusetts, and has offices across the US.
SiriusPoint Ltd is a global insurer and reinsurer. Bermuda-headquartered with offices around the world, the company is listed on the New York Stock Exchange. It writes a global portfolio of accident and health, specialty, property and runoff.
R&Q is a non-life global specialty insurance company operating two core businesses: programme management and legacy insurance. Accredited is R&Q’s leading programme manager operating across the US and Europe.