Definition:Corvus Insurance

🏢 Corvus Insurance is a cyber insurance managing general underwriter headquartered in Boston and wholly owned by The Travelers Companies, Inc. since January 2024, when Travelers completed an approximately $435 million acquisition. Founded in 2017 by Philip Edmundson, the company raised $162 million in venture capital through May 2021 across rounds led by Bain Capital Ventures, .406 Ventures, Telstra Ventures, and Insight Partners, reaching a reported $750 million valuation at the March 2021 Series C.

💼 Products and distribution. Corvus writes Smart Cyber Insurance (up to $10 million aggregate limits, insureds up to $5 billion revenue) and Smart Tech E&O (up to $5 million limits, insureds up to $2 billion revenue) on Travelers Excess and Surplus Lines paper. Distribution is wholesale-oriented, with quotes typically returned in under two hours and autoquote in under one minute for eligible risks, supplemented by API-based quoting through distribution partnerships.

📡 Technology and performance. Corvus differentiates with its Corvus Signal risk prevention platform, combining always-on threat intelligence, personalized security advisory, and a risk dashboard, and claims policyholders engaging over three years experienced up to 20% lower breach frequency and cost. The company disclosed a 2022 U.S. ultimate loss ratio of 36% alongside 80% cyber premium growth that year, and Travelers referenced a $200+ million book of business at acquisition announcement.

Related concepts:

• Definition:Cyber insurance
• Definition:Managing general underwriter (MGU)
• Definition:Excess and surplus lines
• Definition:Insurtech
• Definition:Systemic cyber risk
• Definition:Fronting