Insurtech Corvus raises $10m to expand into commercial lines
Boston-based insurtech Corvus has raised $10 million Series A investment led by venture capital firm .406 Ventures and Hudson Structured Capital Management, with participation from Bain Capital Ventures.
Corvus partners with insurers and acts as a managing general agency (MGA) to create broker-distributed, tech-enabled commercial insurance products. The company currently underwrites on behalf of Hudson Specialty Insurance Company and Argo Insurance Company.
Corvus plans to use the new capital to expand into additional commercial lines of insurance though its AI and data-driven digital platform CrowBar. It has already launched two smart commercial insurance products - Smart Cyber Insurance and Smart Cargo Insurance. The company has raised at total of $14 million in two rounds of funding.
“Commercial insurance brokers and their clients deserve more from their insurers. Built by brokers, Corvus delivers more informed underwriting, more data analytics on each account, and more business intelligence that helps brokers and policyholders to manage risk effectively," said Corvus founder and CEO Phil Edmundson. "Founded by a group equally weighted in technology and insurance, Corvus puts new data to work for everyone in the value chain of commercial insurance.”
“Our new investors bring us greater depth in leveraging new data sets and driving more value from them for our brokers and policyholders,” Edmundson added.
Liam Donohue, co-founding partner of .406 Ventures, said: “We are very excited to partner with Corvus as they have demonstrated the ability to build a world-class team and to attract over 100 clients early in their launch of Smart Commercial Insurance products.”
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