An initial program, with fronting by R&Q Accredited, provides cyber insurance.
Corvus Enters New Partnership with SiriusPoint
BOSTON (September 15, 2021) -- Corvus Insurance, the leading provider of smart commercial insurance products powered by AI-driven risk data, and SiriusPoint Ltd. (“SiriusPoint”) (NYSE: SPNT), the global specialty insurer and reinsurer, today announced a strategic investment and multi-year underwriting capacity partnership that will support existing and future commercial insurance product offerings. The partnership’s first program, with leading program management solution provider R&Q’s Accredited acting as the fronting insurer, focuses on Corvus’s Smart Cyber Insurance® product and builds on the company’s existing cyber operations.
This new program enables Corvus to take on primary and excess cyber liability risks for businesses earning up to $1B in gross annual revenue, with limits up to $5M. All incoming claims will be fully managed end-to-end by the Corvus in-house Claims team. Current and previous Smart Cyber Insurance® programs remain intact and separate from this new undertaking.
“Corvus is focused on making the world a safer place, and this new partnership with SiriusPoint and R&Q’s Accredited will play an integral role in extending our mission,” said Phil Edmundson, Founder & CEO of Corvus Insurance. “We are excited to expand our capabilities in providing world-class smart commercial insurance products to a new generation of brokers and policyholders, and we thank our new partners for making this possible.”
What's Next for Corvus Insurance?
With their multi-year underwriting capacity arrangement and SiriusPoint’s investment in Corvus, the companies aim to expand upon the successful track record of Corvus’s Smart Cyber Insurance® product, as well as to pursue new, differentiated commercial insurance products.
"We are delighted to announce our strategic partnership with Corvus. Cyber is a critical product to businesses as operations and assets are digitized at ever-increasing speed, and it is essential that as insurers, we are responding to our client's needs,” said Prashanth Gangu, COO and President, Insurance and Services, SiriusPoint. “SiriusPoint studied the market extensively and decided on a deep partnership and multi-year underwriting capacity arrangement with Corvus. We were impressed by the company's underwriting performance and their innovative, analytical approaches to risk selection and loss mitigation. Corvus is aligned with SiriusPoint's focus on agility, effective use of data, and close collaboration with brokers and policyholders -- all critical in a market where risk vectors are constantly changing. We are excited about the future Corvus roadmap in terms of talent, technology, and expansion.”
“Corvus's data- and tech-driven approach to cyber liability has been proven to meet the challenge of underwriting cyber risk and we are delighted to partner with them, alongside SiriusPoint, to enable further expansion of their leading offering," said Dawn H. Puro, Chief Underwriting Officer, Casualty of R&Q Accredited America.
Corvus Insurance is the leading provider of commercial insurance products built on advanced data science, with an AI-driven approach to empowering brokers and policyholders to better predict and prevent loss. With each Smart Commercial Insurance® policy, Corvus supplies proprietary Dynamic Loss Prevention® reports to inform policyholders of critical cyber risk areas and provide actionable security recommendations. Founded in 2017 by a team of veteran entrepreneurs from the insurance and technology industries, Corvus is backed by Insight Partners, Bain Capital Ventures, .406 Ventures, Hudson Structured Capital Management, Aquiline Technology Growth, FinTLV, Telstra Ventures, Obvious Ventures, and MTech Capital. The company is headquartered in Boston, Massachusetts, and has offices across the U.S.
SiriusPoint Ltd. (SiriusPoint) is a global insurer and reinsurer providing solutions to clients and brokers in almost 150 countries. Bermuda-headquartered with offices around the world, we are listed on the New York Stock Exchange (SPNT). We write a global portfolio of Accident and Health, Specialty, Property and Runoff, combining data and creative thinking to underwrite risks with skill and discipline. With over $3 billion total capital, SiriusPoint's operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visit www.siriuspt.com.
R&Q is a non-life global specialty insurance company operating two core, highly complementary, businesses: Program Management and Legacy Insurance. Both these businesses are leaders in markets with high barriers to entry and significant growth opportunities.
Accredited is R&Q’s leading program manager operating across the US and Europe. It is the only dedicated program partner to provide A- rated insurance capacity in each of the US, UK and Europe, including licenses to write admitted business in all 50 US states. Accredited has over 68 active programs representing $1.8 billion of contracted premium. Accredited is a wholly owned subsidiary of Randall & Quilter Investment Holdings Ltd. (“R&Q”).
We make statements in this report that are forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of SiriusPoint. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, fluctuation in the results of operations; pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, regulatory and legal uncertainties and other risk factors described in SiriusPoint’s Quarterly Reports on Form 10-Q for the periods ended March 31, 2021 and June 30, 2021. Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other circumstances after the date of this report.