Cyber MGA Corvus targets expansion in Central Europe with key hires
Cyber insurance MGA Corvus is targeting expansion in Central Europe with key underwriting hires and a partnership with commercial insurance carrier Travelers in light of growing demand for cyber insurance solutions in the region.
Corvus provides Smart Cyber Insurance and Smart Tech E+O Insurance products, powered by AI-driven risk data, in close collaboration with property/casualty brokers.
The insurtech has expanded its Frankfurt, Germany-based team by adding cyber underwriters and a local head of cybersecurity services. The move follows its recent product launch in Germany and Austria in partnership with insurer Travelers to insure small- and medium-sized enterprises including middle-market businesses with annual revenues up to €1 billion.
The MGA claims to be the first US-based cyber specialty insurer to bring its insurance offering to Germany and Austria, providing a localised and technology-driven approach to cyber insurance supported by advanced data science and proactive risk mitigation services and tools.
Corvus explained that it entered the region to address a market estimated to be worth €500 million in gross written premium, and in which more than 70% of small and medium-sized enterprises have never purchased a cyber policy. The new Germany-based hires include underwriters with extensive experience providing localised cyber solutions within the EU.
Citing heightened geographic demand, Corvus plans to continue building out its Central Europe operations with more strategic hires in roles spanning claims, finance and human resources.
Oliver Delvos, head of international at Corvus, said: “We are proud to welcome new, strong talent to join our growing team, and leverage their extensive industry expertise, having come from trusted firms like Marsh, Victor, Chubb and AIG to work with our broker partners in Central Europe. We look forward to continuing to forge relationships with more of the region’s top innovative brokerages that follow our vision for a more data-driven approach to risk assessment and underwriting than the European market has seen to date.”
Sebastian Klapper, founder & CEO of Finlex, a commercial insurance platform for brokers and insurers with a focus on financial lines products, commented: “We welcome this new entry to the European market, bringing more variety to meet the growing needs of customers. For a risk as dynamic as cyber, our clients are looking for solutions that will enable them to accurately understand their risk and take action to prevent incidents, which is where Corvus’s data-driven underwriting excels.”
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