Reinsurance News

HSCM-backed insurtech Corvus develops silent cyber offering for cargo

26th July 2019 - Author: Matt Sheehan

Corvus Insurance, an AI-driven insurtech MGA backed by ILS and reinsurance investment manager Hudson Structured Capital Management (HSCM), has expanded its product line with an offering that focuses on silent cyber risks posed by cargo insurance policies.

cargoThe offering, called Smart Cargo + Cyber, will allow brokers and their policyholders to achieve clarity around cyber coverage for their ocean cargo insurance policies, overcoming risks posed by policies that do not affirmatively cover cyber.

Corvus writes Smart Cargo + Cyber on behalf of Argo Group and targets life science, pharmaceutical, beverage, and food products for manufacturers, distributors, wholesalers, importers and exporters, and related logistics businesses.

In addition to a full set of smart cargo insurance coverages, the offering provides coverage for business interruption and contingent business interruption arising out of cyber perils that attack logistics operations and IT assets of policyholders.

Corvus also covers goods that are stolen or damaged as a result of a cyber attack that misdirects goods away from the intended recipients.

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“Insurance regulators have been demanding that commercial insurers clarify their position around cyber perils that haunt non-Cyber Insurance policies,” said Philip Edmundson, founder and CEO of Corvus.

“Corvus now offers the first broad-based solution to this “silent cyber” problem that looms over the commercial insurance industry,” he continued.

“With Smart Cargo + Cyber, brokers and policyholders will know they are covered for cyber risks in the exact areas where these companies are most exposed in the event of a breach or cyber attack.”

To underwrite its policies, Corvus uses a proprietary, non-invasive scan to assess the IT security performance of an organisation, comparing the results against its cyber hack database inform the underwriting process.

As with the company’s full smart cyber insurance products, the new policy will include dynamic loss prevention reports, with a risk score provided for each account.

Corvus Insurance was founded in 2017 and is headquartered in Boston, Massachusetts. In addition to HSCM, its investors include Bain Capital Ventures and .406 Ventures.

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