Canapi Ventures transforms financial services with API driven technology through strategic investments and partnerships. Canapi Ventures invests in early to growth-stage fintech companies, offering disruptive alternatives to outdated business models and technologies. Backed by the United States’ regulatory experts and financial institutions, Canapi Ventures delivers capital, customers, and guidance to founders building the digital financial services ecosystem of the future. Canapi Ventures was founded on 2018 and is based in Wilmington, North Carolina.

Canapi Ventures

Stone Point Capital is a private equity firm that makes investments in businesses within the global financial services industry.

Stone Point Capital

AXIS is a global insurer and reinsurer, providing clients and distribution partners with a broad range of specialized risk transfer products and services. Their highly experienced underwriting, claims, modeling and actuarial teams have a breadth and depth of knowledge that distinguishes AXIS as a provider of choice. AXIS Insurance provides customized property, casualty, professional lines and other specialty coverage across the globe through wholesale and retail brokers, and managing general underwriters.

AXIS

Eos Venture Partners is a Strategic Venture Capital Fund focused on insurance. Eos invests in early and growth stage insurance technology businesses whilst working closely with our Limited Partners to accelerate their innovation strategy.

Eos Venture Partners

State Farm Ventures is a venture capital firm that invests in companies that disrupt conventional modes of operation to help each of individual live smarter and safer lives.

State Farm Ventures

Fermat Capital Management provides insurance-linked securities, trade finance, risk management, and asset management solutions.

Fermat Capital Management

The Hartford STAG Ventures is an investment firm.

The Hartford STAG Ventures

Elpha Secure

Elpha Secure is a provider of cybersecurity solutions and software protection to small businesses. To defend against today's attacks and prepare for the next generation of cyber threats, they use telemetry tools to stay one step ahead of threat actors. The company's comprehensive cyber insurance coverage is backed by an AM Best A-rated carrier and supplemented by a hand-picked team of incident response professionals, and its full suite of cybersecurity software is developed and supported in-house and validated by a leading third-party security provider.

Elpha Secure is a managing general agent providing cyber security software integrated with cyber insurance coverage for small and medium-sized enterprises to protect against cybercrimes targeted at businesses.

The latest line of defense against rising cyber attacks

Cyber Insurance

Axis Capital (AXS), Elpha Secure Join Forces for Cyber Security

Elpha Secure is a managing general agent providing cyber security software integrated with cyber insurance coverage for small and medium-sized enterprises to protect against cybercrimes targeted at businesses.Elpha Secure also provides tailored cyber insurance coverage, which is backed by an AM Best A-rated carrier. Elpha Secure undergoes a streamlined AI-powered underwriting process to deliver cyber insurance quotes. The company covers the impacts of cyberattacks such as ransomware, extortion loss, data restoration, cyber crime, hardware replacement, network security and privacy liability, and business interruption. Elpha Secure offers its software and cyber insurance coverage under a SaaS subscription model for up to USD 1,000 per year. The company offers insurance with maximum coverage of USD 3 million to companies. Elpha Secure determines an organization’s external security posture and delivers a risk scorecard along with the cyber insurance quote. The company partners with select brokers to deliver its product.Elpha Secure’s ML-based software features data backup, virtual private network, software version management, secure multi-factor authentication for remote access, 24/7 security operations center, endpoint detection and response, and real-time threat monitoring.Elpha Secure operates in all 50 US states, and it is backed by Axis Surplus Insurance Company and Everest Re Group.Funding and financialsIn October 2022, the company <a href="https://sp-edge.com/updates/13631">raised USD 20 million </a>in Series A funding led by Canapi Ventures. The company utilized the funds for its business growth through its broker network and enhanced its product features such as improved cyber defense systems and enhanced end-to-end protection and response measures.

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

BitSight offers a data-driven security rating system for financial services, retail, manufacturing, telecom, and cyber insurance companies. BitSight’s risk rating system is backed by a company’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’s Corporation and the venture capital firm Team8. BitSight integrated VisibleRisk’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’s existing TPRM solutions to deliver real-time insights throughout the entire third-party lifecycle and extended supply chain.Key customers and partnershipsBy 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’s Analytics </a>in April 2023, providing analysts with enhanced insights, and making Bitsight’s analytics available through Moody’s BVD Orbis database. The firm also added a response function to its TPRM platform.Funding and financialsIn conjunction with the acquisition of VisibleRisk in September 2021, BitSight also secured USD 250 million in funding from Moody’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.

BitSight

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’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 partnershipsEmbroker <a href="https://sp-edge.com/updates/20434">announced partnerships </a>with cyber insurer Cowbell and password management platform Dashlane in July 2023. Cowbell’s admitted insurance product will be bundled with Embroker’s lawyer’s professional liability (LPL) offering, while Dashlane will be made available to Embroker customers at a discount.Funding and financialsDuring 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.

Embroker

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

CyberCube offers a SaaS platform for insurers, reinsurers, and brokers to carry out risk modeling on potential clients, based on multiple information sources and data from over 1,000 points of failure. This facilitates underwriting decisions along with risk monitoring and stress testing to monitor ongoing portfolio risk. CyberCube also has a consultancy service line, helping insurers with bespoke underwriting assignments and other areas like strategic development and project management. The company also offers value-added services such as concierge services (to offer domain insights to clients) and staff training resources. The company launched three cyber-specific scenarios for Lloyd’s of London in January 2022. The three scenarios, including a cyber power outage, a widespread malware event, and a cloud outage event, were expected to be used as part of Lloyd’s of London’s annual Realistic Disaster Scenarios (RDS) exercise. Lloyd’s of London’s managing agents and syndicates can stress-test their risk portfolios against these scenarios and generate the necessary information on losses for Lloyd’s of London. CyberCube models can also be used in data gathering exercises for cyber-specific RDS.CyberCube’s team comprises cybersecurity, actuarial modeling, insurance, data science, and artificial intelligence professionals.In December 2023, the company launched marginal risk analysis capabilities as part of a new release of its account manager SaaS solution, leveraging catastrophe loss modeling to quantify the impact of a single account on an underwriter’s entire portfolio.Key customers and partnershipsThe company serves insurers and reinsurers across the US and Europe, counting companies such as Munich Re, Chubb, Guy Carpenter, Relm Insurance, Elpha Secure, Kapnick, and Converge Insurance among its clients.CyberCube partnered with Aviva in April 2023 to help the incumbent insurer grow its cyber book sustainably by incorporating risk modeling into its underwriting process.Funding and financialsIn December 2022, the company <a href="https://sp-edge.com/updates/15419">raised USD 50 million </a>in additional growth capital funding led by Morgan Stanley Tactical Value. The funds were utilized to accelerate the commercial development of its products and fuel its go-to-market expansion in the global insurance, reinsurance, and broking industry.

CyberCube

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

Provides commercial property and casualty insurance products with cyber insurance as an additional product offering

Provides solutions for insurers/brokers to obtain an overview of security health and risk exposure for potential and existing clients

Provides solutions for insurers that use AI-based approaches and predictive models to quantify the financial impact of cyber risks

Platforms under some segments are offered under a B2B SaaS model

Uses AI/ML for making underwriting decisions and claims processing

Elpha Secure

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