Corvus delivers with a combination of strong underwriting talent, data analytics, and fast growing adoption from engaged policyholders
BOSTON (May 11, 2023) — Corvus Insurance, the leading cyber underwriter powered by a proprietary AI-driven cyber risk platform, today announced its U.S. industry-leading 2022 ultimate loss ratio of 36 percent, which has been independently verified and includes all lines and all risk capital partner results. This figure is indicative of the strength of Corvus’s cyber underwriters and the team’s sharp focus on delivering strong underwriting results. Across its book, Corvus grew cyber premiums by 80% in 2022 while maintaining this leading loss ratio.
Improvements Corvus has made to its scan technology have had a profound impact on cyber underwriter modeling. Corvus is able to get a clearer picture of a company's exposure profile, and enable underwriters to quickly adapt as an insured’s cyber exposure shifts within a policy period. Corvus’s dynamic data insights then foster a seamless renewal process. Corvus maximizes its data capabilities to help protect brokers and policyholders by producing optimized policy recommendations based on scans of 20,000 data points every time a policy is quoted. Corvus underwriters also work closely with an in-house team of cyber experts in price risk.
For more than two years, the Corvus underwriting team, in partnership with brokers, has worked to provide a proactive and tailored risk prevention solution to enterprises. Corvus underwriters also provide superior risk selection, accelerated decision-making, and IT security recommendations with support fromCorvus Risk Navigator™, its all-in-one platform, purpose-built for cybersecurity underwriting, and its risk mitigation technology solutions.
“Corvus’s proprietary AI-based underwriting tools are significantly more advanced than that of our competition in matching price and risk. Corvus’s real-time cyber risk insights provide actionable remediations and quantify the value of policy controls. This increases insurability, plain and simple,” said Corvus CEO Madhu Tadikonda. “Our policyholders are uniquely engaging with us and our tailored solutions year-round to help make them safer amid a dynamic cyber threat landscape. We remain hyper-focused on tackling cyber risk with one of the largest specialized cyber underwriting teams in the industry, while continuing to maintain a best-in-industry loss ratio.”
Corvus’s year-round program for engaging with policyholders involves proactive, ongoing risk mitigation. The cyber market is constantly evolving, so policyholders need an insurance partner that offers insurance solutions at the speed of cyber, and constantly ensures their safety and security of assets and online operations. Corvus’s risk and response recommendations, proactive alerts, and protective measures have proven to keep its policyholders better protected — a relationship that would not be possible without its data technology.
Corvus Insurance is building asafer worldthrough 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 includeSmart Cyber Insurance®andSmart 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, andCorvus Germanyare 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, visitcorvusinsurance.com.