Corvus Insurance

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&O) insurance, and a specific policy for ocean cargo.

In June 2023, Corvus introduced a cyber risk prevention platform: Corvus Signal, and an incentive program encouraging policyholders to engage with the solution.

Corvus Insurance acquired the cyber underwriting platform Tarian Underwriting 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 announced it had entered into an agreement to be acquired by property and casualty insurance giant Travelers for ~USD 435 million.

Key customers and partnerships

Corvus 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 partnership program with global specialty insurer and reinsurer, SiriusPoint, and program management solution provider, R&Q Accredited.

Funding and financials

Corvus Insurance received a strategic investment of USD 100 million 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.