Corvus, Core Specialty tie-up to launch excess tech E&O and cyber product
Cyber insurtech MGA Corvus has launched a new programme with Core Specialty to expand its excess tech errors and omissions (E&O) and cyber product with additional capacity, as part of its wider strategy to build out its key lines of business.
The deal is Core Specialty’s first offering in the cyber and tech E&O market.
The programme provides up to $5 million in coverage for companies with revenues up to $500 million. The programme will be written on Core Specialty’s paper and will include tech E&O coverage, as well as a full suite of cyber coverages, on an excess basis.
It’s supported by a panel of reinsurers as well as risk taken through Corvus’s captive, Corvus Reinsurance Company. Corvus’s in-house team will have full management of the policies from underwriting to claims handling.
The launch follows the roll out of Corvus Risk Navigator, which enables underwriters to provide predictive, data-driven insights, superior risk selection and accelerated decision-making, and IT security recommendations.
“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 (pictured).
“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. 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, said: “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.”
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