SiriusPoint in pact with Corvus and R&Q
Corvus Insurance, the specialty insurance MGA offering products powered by AI-driven risk data, has announced an expanded strategic partnership with SiriusPoint Ltd, the Bermudian-headquartered global specialty re/insurer, and R&Q Accredited, the programme management solution provider.
The enhanced programme, with R&Q continuing as the fronting insurer, follows an initial investment and multiyear underwriting capacity partnership announced last September.
The latest multiyear investment from SiriusPoint and R&Q Accredited adds an additional $100 million to the programme and will allow Boston-headquartered Corvus to build upon its Smart Cyber Insurance offerings, the company said.
“Our expanded partnership with SiriusPoint and R&Q Accredited will help Corvus reach new heights,” said Phil Edmundson, founder and CEO of 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.”
In addition to its wider global reach, Corvus said it would continue to leverage its underwriting capabilities and disciplined approach to taking on risk.
Garnering expertise from these avenues, along with its core technology and data sources, is paramount for cyber insurance – and Corvus said it would continue to evolve to meet the needs of its brokers and policyholders.
“We are delighted to expand SiriusPoint’s multiyear agreement with Corvus and to enhance our partnership to support the company’s ongoing growth,” said Patrick Charles, global head of property & casualty, insurance & services at 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.”