Corvus continues to grow its seasoned team following its partnership with Travelers and Central Europe’s heightened need for cyber insurance solutions
BOSTON (March 21, 2023) — Corvus Insurance, the leading provider of Smart Cyber Insurance® and Smart Tech E+O Insurance™ products, powered by AI-driven risk data, today announced that it has expanded its Frankfurt, Germany-based team by adding cyber underwriters and a local head of cybersecurity services. These hires provide support in meeting demand for the company’s Smart Cyber Insurance™ product that was recently launched in Germany and Austria in partnership with a top U.S. commercial insurance carrier, The Travelers Companies, Inc. Corvus is working closely with property/casualty brokers in the region to distribute the product.
“We welcome this new entry to the European market, bringing more variety to meet the growing needs of customers,” said Sebastian Klapper, Founder & CEO of Finlex, a commercial insurance platform for brokers and insurers with a focus on financial lines products. “For a risk as dynamic as cyber, our clients are looking for solutions that will enable them to accurately understand their risk and take action to prevent incidents, which is where Corvus’s data-driven underwriting excels.”
Corvus is the first U.S.-based cyber specialty insurer to bring its insurance offering to Germany and Austria, providing a localized and technology-driven approach to cyber insurance supported by advanced data science and proactive risk mitigation services and tools. Corvus entered the region to address amarketestimated to be worth EUR 500M in gross written premium, and in which more than 70% of small and medium-sized enterprises have never purchased a cyber policy. The new Germany-based hires include underwriters with extensive experience providing localized cyber solutions within the EU.
“We are proud to welcome new, strong talent to join our growing team, and leverage their extensive industry expertise, having come from trusted firms like Marsh, Victor, Chubb and AIG to work with our broker partners in Central Europe,” said Oliver Delvos, Head of International at Corvus. “We look forward to continuing to forge relationships with more of the region’s top innovative brokerages that follow our vision for a more data-driven approach to risk assessment and underwriting than the European market has seen to date.”
Corvus’s cyber product, Corvus Smart Cyber Insurance™, brings a transparent approach to risk assessment and reduction through the company’s proprietary IT scanning technology, proactive vulnerability alerting, and smooth digital experiences for both brokers and policyholders. Corvus’s European underwriting team possesses industry-leading cyber expertise and is further enabled with predictive insights through theCorvus Risk Navigator™ platform. The partnership with Travelers, firstannouncedin November 2022, insures small- and medium-sized enterprises including middle-market businesses with annual revenues up to EUR 1 billion.
Amid heightened geographic demand, Corvus plans to continue building out its Central Europe operations with more strategic hires in roles spanning claims, finance and human resources.
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.