21 January 2021
Corvus Team

Corvus Insurance Enters New Year with Continued Momentum, Exiting 2020 at a $100M Annual Premium Run Rate

Company Begins 2021 with 250% Year-over-Year Growth, Technological Innovations and Milestone New Hires

BOSTON, MA January 21, 2021 / Corvus Insurance, the leading provider of smart commercial insurance products powered by AI-driven risk data, today announced that it exited 2020 at a $100M annual premium run rate, capping off a year that was marked by accelerated growth for the company. Corvus spent 2020 executing on a plan to reimagine commercial insurance, recognizing the market reality that traditional insurers are not meeting the dynamic needs of brokers and policyholders. Continual technological advancements throughout the year have placed Corvus in a leadership position across multiple commercial insurance products, dramatically increasing adoption and overall growth metrics.

Corvus experienced 250% YoY annual growth in Gross Written Premium in 2020. This growth included record premiums across each of Corvus’s three core product lines: cyber liability, technology errors & omissions and ocean cargo. True to the thesis Corvus was founded upon four years ago – to equally combine technology and data expertise with a deep understanding of insurance distribution channels – each of these three products leverages unique data sources and artificial intelligence to offer policyholders better risk coverage, while also focusing innovations on the needs of insurance brokers. Last year, Corvus also surpassed 10,000 policies written, launched its Enterprise and Reinsurance offerings and significantly broadened its broker network.

In addition, Corvus expanded its team as well. Overall, the employee base grew 172% in 2020 with a number of significant senior hires, most recently the appointments of tech industry veterans Stephen Tarleton as CMO and Nate Smolenski as CISO. Additionally, earlier in the year, Sam Kramer and Jocelyn Getson joined as Vice President of Reinsurance and Vice President of Enterprise/API, respectively.

“We are energized by the growth of Corvus in 2020 and delighted to enter the new year with added talent so that we can continue on our mission to be a company that blends the insurance needs of our customers with technological prowess, which is rare for our industry,” said Phil Edmundson, Founder and CEO of Corvus Insurance. “Our recent hires bring invaluable experience to Corvus as we continue to build momentum and promote our mission.”

“Last year saw amazing progress in Corvus meeting the needs of its risk capital providers, brokers, policyholders and underwriters with better software and data products, including ways to directly assess, convey and reduce risk,” said Mike Lloyd, Co-Founder and Chief Product Officer. “With a technology and product organization that has more than doubled in 2020, we are excited to continue and accelerate our rapid pace of development in 2021.”

Mike Karbassi

Mike Karbassi is Vice President and Head of Cyber Underwriting at Corvus. He specializes in Network Security, Privacy Liability, Technology E&O, Media Liability, and Miscellaneous Professional Liability. Karbassi has over a decade of experience in insurance and is a graduate of the Boston University Questrom School of Business.

Gerritt Graham

Gerritt is the Chief Commercial Officer at Corvus. He has over 20 years of sales and marketing experience, primarily focused on technology and data solutions for the financial services industry.

James McElhiney

James co-founded Corvus and is the company’s Chief Technology Officer. A 30+ year technology veteran, Jaimie most recently served as CTO of Iora Health and previously co-founded Gazelle.

Mike Lloyd

Mike Lloyd is the Co-Founder and Chief Product Officer of Corvus Insurance. Previously, Mike co-founded Poncho, a personal lines agency InsurTech startup, and was a venture investor at FJ Labs. Mike has an MBA from Harvard Business School and engineering degrees from Virginia Military Institute and MIT.

Phil Edmundson

Phil is the founder and CEO of Corvus. A 30+ year insurance veteran, Phil co-founded broker William Gallagher Associates (acquired by Arthur J Gallagher in 2015) and was an active leader in both the Worldwide Broker Network and Council of Insurance Agents and Brokers. Phil is the Managing Partner of Edmus Ventures where he invests in InsurTech companies including Verifly, Wellthie, Agentero, and Cover Wallet, and serves on the board of Cover Wallet.

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