Evolve MGA

Evolve MGA offers cyber liability coverage with special free access to cyber risk management services to prevent cyber-attacks.

<div>Evolve MGA is a cyber insurance provider that covers business interruption, reputational harm, incident response, cyber extortion, and regulatory fines. The company also provides risk management services along with access to other services such as the Evolve cybersecurity mobile app, its claims team, and other cybersecurity vendors.</div>

The latest line of defense against rising cyber attacks

Cyber Insurance

<div>
 
 Evolve MGA is a cyber insurance provider that covers business interruption, reputational harm, incident response, cyber extortion, and regulatory fines. The company also provides risk management services along with access to other services such as the Evolve cybersecurity mobile app, its claims team, and other cybersecurity vendors.
 
 
 The company claims that it offers some of the broadest cyber insurance coverages in the market. Its policies are distributed through retail insurance brokers, targeting clients with over USD 250 million in revenue.
 
 
 Evolve was 
 <a href="https://sp-edge.com/updates/20148">
 acquired
 </a>
 by specialty insurance group Nexus Underwriting in July 2023.
 
</div>

Corvus offers commercial cyber insurance policies to cover cyberattacks-related incidents such as business interruption, system failure, ransomware attacks, and even regulatory fines and penalties. It uses its proprietary “Corvus Scan” platform to analyze a company’s current cybersecurity posture to determine pricing and coverage options. As part of the policy issuing process, Corvus also provides a report with IT security recommendations and access to its dedicated response teams for proactive cyber risk management. This team also works with clients during the claims process.For policyholders, Corvus also provides a virtual Chief Information Security Officer (vCISO) offering—consultative sessions with Corvus’ in-house security teams—while helping them get concessionary rates on cybersecurity solutions from companies such as SentinelOne and Tetra Defence. The company also offers cyber reinsurance, technology errors and omissions (E&amp;O) insurance, and a specific policy for ocean cargo.In June 2023, Corvus introduced a <a href="https://sp-edge.com/updates/19678">cyber risk prevention platform</a>: Corvus Signal, and an incentive program encouraging policyholders to engage with the solution.Corvus Insurance <a href="https://sp-edge.com/updates/7543?industryIds=52">acquired the cyber underwriting platform Tarian Underwriting </a>from Beat Capital Partners in January 2022. Tarian Underwriting is an underwriter of cyber and technology insurance risks that creates tailored solutions and underwrites on behalf of a consortium of Lloyd’s syndicates. The acquisition will help Corvus to expand its international footprint across Europe, Africa, and Australia, and add global underwriting capability with access to Lloyd’s cyber insurance capacity.In November 2023, Corvus <a href="https://sp-edge.com/updates/23562">announced</a> it had entered into an agreement to be acquired by property and casualty insurance giant Travelers for ~USD 435 million.Key customers and partnershipsCorvus Insurance covers companies in industries such as healthcare, retail, financial institutions, manufacturing, and construction (earning up to USD 2 billion in gross revenue), offering them a coverage limit of up to USD 10 million.In July 2022, the company expanded its <a href="https://sp-edge.com/updates/11826">partnership program </a>with global specialty insurer and reinsurer, SiriusPoint, and program management solution provider, R&amp;Q Accredited.Funding and financialsCorvus Insurance received a strategic investment of <a href="https://sp-edge.com/updates/11826">USD 100 million </a>building upon the initial investment and multi-year underwriting capacity partnership announced in September 2021. The funds were utilized to develop its Smart Cyber Insurance solutions and target policyholders globally.In March 2021, the company raised USD 100 million in a Series C funding round led by Insight Partners at a valuation of USD 750 million. The company utilized the funds to develop its underwriting capabilities, product development, and go-to-market strategies. This Series C round was extended in May 2021 by another USD 15 million led by FinTLV and Aquiline Technology Growth (ATG).The company grew its gross written premium by 250% in 2020 and had an annual premium run rate of USD 120 million during January 2021. As of March 2021, the company had an average policy size of USD 9,000 annually and employed 140 staff.

Corvus Insurance

<div>
 
 BitSight offers a data-driven security rating system for financial services, retail, manufacturing, telecom, and cyber insurance companies. BitSight&rsquo;s risk rating system is backed by a&nbsp; company&rsquo;s historical data as well as industry benchmarks. The platform collects data from over 260 billion cyber events daily from 120 data sources. In the areas of cyber insurance, it allows insurers to determine the rate of premiums while also enabling the continuous monitoring of security posture during the coverage period. BitSight also offers cyber risk modeling services, helping businesses financially quantify enterprise cyber risk.
 
 
 In September 2021, BitSight acquired VisibleRisk, a cyber risk rating startup created by the credit ratings agency Moody&rsquo;s Corporation and the venture capital firm Team8. BitSight integrated VisibleRisk&rsquo;s cyber risk assessment capability to enhance its Financial Quantification tool to better estimate the financial exposure of an organization to cyber risk. Following the acquisition, BitSight was to set up a Risk Solutions Division that focuses on cybersecurity insights for the board of directors and C-suite executives.
 
 
 In August 2022, the company 
 <a href="https://sp-edge.com/updates/12196">
 acquired
 </a>
 the third-party risk management startup, ThirdPartyTrust. ThirdPartyTrust was integrated into BitSight&rsquo;s existing TPRM solutions to deliver real-time insights throughout the entire third-party lifecycle and extended supply chain.
 
 
 Key customers and partnerships
 
 
 By July 2021, the company had analyzed the security ratings of over 27,000 companies. During that period, the company claimed that 50% of all cyber insurance policies underwritten globally were by its customers and 20% of governments worldwide use BitSight data for national security. Overall, the company had over 2,300 customers globally and an employee headcount of 500 as of September 2021.
 
 
 Bitsight announced an 
 <a href="https://sp-edge.com/updates/17887">
 expanded partnership with Moody&rsquo;s Analytics
 </a>
 in April 2023, providing analysts with enhanced insights, and making Bitsight&rsquo;s analytics available through Moody&rsquo;s BVD Orbis database. The firm also added a response function to its TPRM platform.
 
 
 Funding and financials
 
 
 In conjunction with the acquisition of VisibleRisk in September 2021, BitSight also secured USD 250 million in funding from Moody&rsquo;s at a valuation of USD 2.4 billion. The company utilized the funds to pursue growth and further enhance its product offerings and capabilities.
 
</div>

BitSight

<div>
 
 Embroker offers commercial insurance for startups, law firms, and other private companies. It covers incidents such as commercial crime, professional liabilities, and cyber insurance. Policies issued by Embroker are underwritten using data-driven models that it claims can reduce premiums for businesses by 20%.
 
 
 Embroker&rsquo;s cyber insurance product helps companies cover against both first- and third-party financial losses resulting from cyberattacks. These include costs relating to data loss, recovery, business interruption, extortion, and fraud. Embroker also offers technological errors and omissions (E&amp;O) for technology companies. Policies issued by Embroker are backed by Clear Blue Specialty Insurance Company (reinsured by MunichRe) and as of December 2021, the company served over 20,000 users; counting companies such as Icebreaker Health, Pandia Health, Renew Energy Partners, JDJ Engineering among its clients.
 
 
 Key customers and partnerships
 
 
 Embroker 
 <a href="https://sp-edge.com/updates/20434">
 announced partnerships
 </a>
 with cyber insurer Cowbell and password management platform Dashlane in July 2023. Cowbell&rsquo;s admitted insurance product will be bundled with Embroker&rsquo;s lawyer&rsquo;s&nbsp; professional liability (LPL) offering, while Dashlane will be made available to Embroker customers at a discount.
 
 
 Funding and financials
 
 
 During Q1 2021, the company surpassed USD 20 million in gross written premium and experienced a customer retention rate of 100%.
 
 
 The company raised USD 100 million in Series C funding in June 2021 led by FTV Capital. The company expected to use the funding to transition into a full-stack insurance carrier.
 
</div>

Embroker

<div>
 
 Vouch is an insurance provider focused on policies for startups. The company offers coverage for business liability, fiduciary liability, property, employment, cyber, and technological errors and omissions (E&O). Vouch’s cyber insurance offering provides both first-party and third-party coverage It covers costs such as business interruption, ransom payments, costs of recovery, and penalties. Vouch claims to offer coverage within 24 hours, unlike traditional brokers that may take weeks.
 
 
 Policies issued by Vouch are backed by Dallas-based insurance company State National. By July 2021, Vouch was available in 24 US states and was working with regulators to bring its products to all 50. As of September 2021, the company employed 125 staff and served over 1,600 clients including companies such as Brex, Carta, WeWork, Pipe, Middesk, Neighbor, Routable, Silicon Valley Bank.
 
 
 
 In September 2021, the company announced USD 90 million in funding; which included a previously unannounced USD 30 million in Series B1 funding led by Redpoint Ventures and USD 60 million in Series C funding co-led by SVB Capital and Ribbit Capital at a valuation of USD 550 million.
 
</div>

Vouch

Resilience (formerly known as Arceo.ai) is a cyber insurance provider, covering incidents of business interruption costs, responding costs, and extortion losses for businesses with revenue between USD 100 million and USD 5 billion. Resilience’s claims process is handled by a 24/7 in-house team that will also assist the covered companies with incident response. Resillience’s insurance products are underwritten by Homeland Insurance Company and it has licenses to operate in all 50 US states.In October 2023, Resilience <a href="https://sp-edge.com/updates/22471">announced</a> it was increasing its cyber insurance coverage to GBP 10 million (~USD 12.1 million) for insureds in the UK and Europe, backed by a strategic partnership with RSA Insurance and R&amp;W Accredited.The company offers a ransomware readiness framework to help enterprises prepare and plan for ransomware attacks. It also offers a platform that helps build cyber health strategies, monitor cyber risk on an ongoing basis, and implement readiness measures to cyber incidents.In May 2023, Resilience introduced <a href="https://sp-edge.com/updates/18168">a holistic cyber risk solution</a> allowing organizations to assess, quantify, and manage cyber risk. This solution integrates Resilience’s insurance coverage with an AI risk management platform, a decision and risk action plan, expert support, and an advocacy program to build an organization’s cyber culture.Funding and financialsThe company’s last funding round was in September 2019 where it raised USD 37 million led by Lightspeed Venture Partners and Founders Fund.

Resilience

Platforms under some segments are offered under a B2B SaaS model

Uses AI/ML for making underwriting decisions and claims processing

Provides cyber insurance as a core product, often bundled with cybersecurity solutions and a team that assists in detection and response

Evolve MGA

Cyber Insurance

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Recent Updates

Nexus Underwriting acquires cyber MGA Evolve for undisclosed sum

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