Reinsurance News
Your search for “corvus”
Corvus streamlines cyber renewals with latest update
27th March 2024
Corvus Insurance, a cyber speciality insurer, has improved its policy renewal process by introducing an application-free, click-and-bind option for eligible accounts. This update will significantly reduce brokers' time spent on cyber renewals by eliminating repetitive application questions and offering clarity through personalised year-over-year coverage comparisons. Mike Karbassi, Chief Underwriting Officer at Corvus ... Read the full article
Corvus expands Tech E+O offering with backing from Travelers
8th February 2024
Cyber Underwriter Corvus Insurance has introduced a newly expanded Tech E+O product that features an enhanced appetite backed by Travelers. Corvus explained that Smart Tech E+O provides creative risk solutions for technology businesses across a range of sizes and complexity, including primary and excess policies. The firm added that its expert team ... Read the full article
Travelers expands cyber capabilities with acquisition of Corvus Insurance
3rd January 2024
Property and casualty insurer, The Travelers Companies, Inc. has completed its previously announced acquisition of Corvus Insurance Holdings, Inc. As stated in the announcement in November 2023, Travelers acquired the cyber insurance managing general underwriter for approximately $435 million. Travelers had previously disclosed that it would fund the transaction from internal ... Read the full article
Travelers set to acquire Corvus Insurance for $435m
3rd November 2023
The Travelers Companies, Inc. has agreed to acquire cyber insurance managing general underwriter Corvus Insurance Holdings, Inc. for approximately $435 million. Travelers has disclosed that it will fund the transaction from internal resources, adding that the transaction is expected to close in the first quarter of 2024, subject to regulatory approvals ... Read the full article
Ransomware attacks in 2023 up more than 95% compared to 2022: Corvus Insurance
25th October 2023
Ransomware attacks in 2023 are up more than a substantial 95% compared to 2022, according to Corvus Insurance's Q3 23 Global Ransomware Report. Attacks continue to come in at a record setting pace, with Q3 23 global ransomware attack frequency up 11% over Q2. In their Q2 23 report, the leading cyber ... Read the full article
Corvus Insurance expands cyber partnership with Travelers
20th September 2023
Corvus Insurance, an AI-powered cyber specialty insurer, has announced it has expanded its relationship with Travelers, a personal, business and specialty insurer. Through this partnership Travelers will serve as a capacity provider for Corvus products in the United States, starting October 1, 2023. In 2022, the two companies announced a similar ... Read the full article
Corvus Insurance adds Generative AI to underwriting platform
30th June 2023
Cyber underwriter powered by a proprietary AI-driven cyber risk platform, Corvus Insurance, has announced new AI- and NLP-driven features to increase the degree of automation of routine manual tasks in the underwriter’s workflow within Corvus Risk Navigator. These features have further reduced the workload on Corvus underwriters, increasing quoting efficiency and ... Read the full article
Corvus launches cyber risk prevention solution designed to improve policyholder security
23rd June 2023
Corvus Insurance has announced that it has launched a "first of its kind" endorsement to help make policyholders safer through proactive engagement with Corvus Signal™, a cyber risk prevention solution that is set to reduce the frequency and costs of cyber breaches by up to 20%. According to the announcement, the ... Read the full article
Corvus Insurance names Albert Zhou as Chief Risk Officer
2nd June 2023
Corvus Insurance, an AI-powered cyber specialty insurer, has announced the appointment of Albert Zhou as Chief Risk Officer. Zhou will report directly to Corvus Insurance's President, Prashanth Gangu, and join the company's leadership team. Zhou, a seasoned insurance professional with over 12 years of cross-functional experience in actuarial, risk, and analytics, will ... Read the full article
Corvus Insurance unveils new cyber risk prevention solution, Corvus Signal
30th May 2023
Cyber MGA Corvus Insurance has unveiled Corvus Signal, a risk prevention solution which the firm says has been shown to reduce cyber breach frequency and cost by up to 20%. Corvus states that the announcement comes amid increasing market activity and interest in combining cyber insurance with risk management services. "Corvus Signal ... Read the full article
Corvus delivers “industry-leading” loss ratio of 36%
15th May 2023
Corvus Insurance, an AI-powered cyber specialty insurer, has announced its US “industry-leading” 2022 ultimate loss ratio of 36%. According to the announcement, this figure has been independently verified and includes all lines and all risk capital partner results. The insurer highlighted that its leading loss ratio is indicative of the strength of ... Read the full article
Corvus and Core Specialty team up on Cyber and Tech E&O product
13th April 2023
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 ... Read the full article
Corvus Insurance welcomes Prashanth Gangu as new President
3rd April 2023
Corvus Insurance, an AI-powered cyber specialty insurer, has announced the appointment of Prashanth Gangu as President of the company. Gangu is a veteran of the insurance industry with more than two decades of industry experience across strategy, mergers and acquisitions, distribution, product, underwriting, risk, operations, and technology. In his new role as ... Read the full article
Chat GPT & AI a growing concern for cyber insurance: Corvus’ Hedberg
24th March 2023
With the capabilities of Chat GPT and artificial intelligence (AI) continuing to advance, this technology is only going to get smarter and potentially more difficult to control as it can be used to facilitate security breaches and increase the scale of cyber-attacks, states Peter Hedberg, Vice President of Cyber Underwriting ... Read the full article
Corvus expands cyber team in Frankfurt
23rd March 2023
Cyber specialist Corvus Insurance has announced that it has expanded its Frankfurt, Germany-based team by appointing cyber underwriters and a local head of cybersecurity services. The addition of these hires will provide support in meeting demand for Corvus’ Smart Cyber Insurance product that was recently launched in Germany and Austria iRead the full article