Cyber underwriter Corvus has announced the launch of a new program with Core Specialty to support the expansion of the Excess Tech E&O and Cyber product with additional capacity.
This program is Core Specialty’s first offering in the Cyber and Tech E&O market and also marks a step for Corvus in building out one of its key lines of business.
It provides up to $5 million in coverage for companies with revenues up to $500 million, and will be written on Core Specialty’s paper, including Tech E&O coverage, as well as a full suite of cyber coverages, on an excess basis.
The program is also supported by a panel of reinsurers as well as risk taken through Corvus’s captive, Corvus Reinsurance Company, and Corvus’s in-house team will have full management of the policies – from underwriting to claims handling.
“We are thrilled to have the validation of Core Specialty, a well-known leader in specialty insurance. Both Core Specialty and Corvus put underwriting excellence and results first, so we view ourselves as natural partners,” said Corvus CEO Madhu Tadikonda.
“Core Specialty’s commitment is a testament to Corvus’s proven track record combining growth with industry-leading loss ratios. The Corvus formula works — arming the strongest underwriters with best-in-class data and technology means accurate risk selection, better broker experience, and superior underwriting outcomes,” Tadikonda continued.
“We have the best team in the industry and are excited to expand our realm of possibilities with broker partners, thanks to this partnership, including the roll-out of excess capacity.”
Jeff Consolino, President and CEO of Core Specialty, also commented: “We chose Corvus for our first foray into Cyber and Tech E&O because of its unique and modern approach to combining skilled underwriting with data-driven technology.”
“We are impressed by Corvus’s talented team of cybersecurity underwriters, technology, and data science professionals, and look forward to working together to support a full spectrum of Tech E&O business — starting with this excess coverage. The Tech E&O and Cyber product will complement Core Specialty’s Commercial Errors & Omissions Liability products and services for small and medium sized businesses and professionals where we deliver a wide range of protection to help cover loss and defense costs that come from claims of professional negligence, error, or omission.”
