Boston-based insurtech firm Corvus Insurance has entered into a new partnership with Skyward Specialty Insurance Group to expand its Smart Cargo + Cyber offering.
The announcement comes after Corvus raised $100 million in a Series C fundraising round, bringing the company to a $750 million valuation.
Corvus Smart Cargo + Cyber insurance is a data-driven Ocean Cargo policy featuring the cargo industry’s only comprehensive cyber liability endorsement.
To date, the Corvus Cyber, Tech E&O and Cargo lines of business have generated over $120 million in annual premium run rate due to its differentiated underwriting, risk mitigation and digital experiences.
Phil Edmundson, founder and CEO of Corvus Insurance said: “Our new partnership with Skyward Specialty Insurance will be integral in our efforts to further expand Smart Cargo + Cyber, enabling us to leverage additional forms of unique and proprietary data sets that will provide groundbreaking insights. We look forward to providing our brokers and policyholders with our enhanced solutions and services as we partner with Skyward Specialty.”
Andrew Robinson, CEO of Skyward Specialty, commented: “Skyward Specialty is leading the market in incorporating new types of risk data, advanced analytics and emerging technologies to better address the needs of complex specialty property and casualty categories.
“Our DNA is unique amongst our peers in combining this capability with the traditional disciplines of a world-class specialty insurance company. Our partnership with Corvus on Smart Cargo + Cyber is another excellent example of our strategy to own those niches we seek to serve. We are excited to take this first step in our partnership with Corvus.”