Core Specialty’s first in the Cyber and Tech E&O market
BOSTON (April 12, 2023) — Corvus Insurance, the leading cyber underwriter, powered by a proprietary AI-driven cyber risk platform, announced today the launch of a new program with Core Specialty to support the expansion of the Excess Tech E&O and Cyber product with additional capacity. This is Core Specialty’s first offering in the Cyber and Tech E&O market and also marks the latest example of Corvus’s commitment to building out its key lines of business.
This program provides up to $5M in coverage for companies with revenues up to $500MM. The program will be written on Core Specialty’s paper and will include Tech E&O coverage, as well as a full suite of Cyber coverages, on an excess basis. The program is supported by a leading panel of reinsurers as well as risk taken through Corvus’s captive, Corvus Reinsurance Company. Corvus’s in-house team will have full management of the policies - from underwriting to claims handling.
This latest announcement follows Corvus’s recent launch of Corvus Risk Navigator™, which enables underwriters to provide predictive, data-driven insights, superior risk selection and accelerated decision-making, and IT security recommendations. Brokers who are looking to secure Tech E&O coverage stand to gain tremendous benefits from Corvus’s data-driven method of underwriting. Brokers can leverage Corvus’s policyholder benefits such as risk management tools and personalized vulnerability alerting on both primary and excess Tech E&O placements.
“We are thrilled to have the validation of Core Specialty, a well-known leader in specialty insurance. Both Core Specialty and Corvus put underwriting excellence and results first, so we view ourselves as natural partners,” said Corvus CEO Madhu Tadikonda. “Core Specialty’s commitment is a testament to Corvus’s proven track record combining growth with industry-leading loss ratios. The Corvus formula works — arming the strongest underwriters with best-in-class data and technology means accurate risk selection, better broker experience, and superior underwriting outcomes. We have the best team in the industry and are excited to expand our realm of possibilities with broker partners, thanks to this partnership, including the roll-out of excess capacity.”
“We chose Corvus for our first foray into Cyber and Tech E&O because of its unique and modern approach to combining skilled underwriting with data-driven technology,” said Jeff Consolino, President and CEO of Core Specialty. “We are impressed by Corvus’s talented team of cybersecurity underwriters, technology, and data science professionals, and look forward to working together to support a full spectrum of Tech E&O business — starting with this excess coverage. The Tech E&O and Cyber product will complement Core Specialty’s Commercial Errors & Omissions Liability products and services for small and medium sized businesses and professionals where we deliver a wide range of protection to help cover loss and defense costs that come from claims of professional negligence, error, or omission.”
View the original press release on BusinessWire.
About Corvus Insurance
Corvus Insurance is building a safer world through insurance products and digital tools that reduce risk, increase transparency, and improve resilience for policyholders and program partners. Our market-leading specialty insurance products are enabled by advanced data science and include Smart Cyber Insurance® and Smart Tech E+O™. Our digital platforms and tools enable efficient quoting and binding and proactive risk mitigation. Corvus Insurance offers insurance products in the U.S., Middle East, Europe, Canada, and Australia. Current insurance program partners include Crum & Forster, Hudson Insurance Group, certain underwriters at Lloyd’s of London, R&Q Accredited, SiriusPoint, and The Travelers Companies, Inc. Corvus Insurance, Corvus London Markets, and Corvus Germany are the marketing names used to refer to Corvus Insurance Agency, LLC; Corvus Agency Limited; and Corvus Underwriting GmbH. All entities are subsidiaries of Corvus Insurance Holdings, Inc. Corvus Insurance was founded in 2017 and is headquartered in Boston, Massachusetts with offices across the U.S., in the UK, and Germany. For more information, visit corvusinsurance.com.