Corvus Insurance, a provider of smart commercial insurance products, has announced an expanded strategic partnership with specialty re/insurer SiriusPoint, and R&Q Accredited, a program management solution provider.
The latest multi-year investment from SiriusPoint and R&Q Accredited adds an additional $100 million to the program.
The enhanced program follows an initial investment and multi-year underwriting capacity partnership announced in September 2021.
Phil Edmundson, Founder and CEO of Corvus Insurance said: “Our expanded partnership with SiriusPoint and R&Q Accredited will help Corvus reach new heights.
“Our digital platform, the CrowBar, and the data and AI tools used by Corvus are producing superior loss ratios for our partners. Together we are building a win-win-win for our brokers, policyholders, and risk capital partners.”
The partnership’s program – with R&Q Accredited continuing as fronting insurer – focuses on Corvus’s Smart Cyber Insurance product, and builds on the company’s existing cyber operations.
It was designed to enable Corvus to take on primary and excess cyber liability risks for businesses earning up to $1 billion in gross annual revenue, with limits up to $5 million.
Patrick Charles, Global Head of Property & Casualty, Insurance & Services at SiriusPoint, commented: “We are delighted to expand SiriusPoint’s multi-year agreement with Corvus and to enhance our partnership to support the company’s ongoing growth.
“We have continued to be impressed with Corvus’s agility in responding to the evolving cyber risks its clients face, and the innovative and disciplined approach it applies to risk mitigation. We are excited about the next phase of the company’s development.”
Dawn H. Puro, Chief Underwriting Officer, Casualty of R&Q Accredited America said: “We are excited to build on our partnership with Corvus.
“Their data- and tech-driven approach to cyber liability has already helped drive strong growth, and we are delighted to strengthen our partnership as Phil and his team continue to evolve and expand the Corvus offering.”