SiriusPoint, Corvus enter multi-year underwriting capacity deal
Global specialty re/insurer SiriusPoint and Corvus Insurance, a provider of smart commercial insurance products powered by AI-driven risk data, have entered into a strategic investment and multi-year underwriting capacity partnership.
The partnership’s first programme, with R&Q’s Accredited acting as the fronting insurer, will focus on Corvus’s Smart Cyber Insurance product and build on the company’s existing cyber operations.
The new programme will enable Corvus to take on primary and excess cyber liability risks for businesses earning up to $1 billion in gross annual revenue, with limits up to $5 million.
Their multi-year underwriting capacity arrangement aims to expand the cyber product, as well as to pursue new differentiated commercial insurance products.
“ Corvus is focused on making the world a safer place, and this new partnership with SiriusPoint and R&Q’s Accredited will play an integral role in extending our mission,” said Phil Edmundson, founder and CEO of Corvus Insurance. “We are excited to expand our capabilities in providing world-class smart commercial insurance products to a new generation of brokers and policyholders, and we thank our new partners for making this possible.”
Prashanth Gangu (pictured), COO and president of insurance and services at SiriusPoint, said: "Cyber is a critical product to businesses as operations and assets are digitized at ever increasing speed, and it is essential that as insurers, we are responding to our client's needs.
“ SiriusPoint studied the market extensively and decided on a deep partnership and multi-year underwriting capacity arrangement with Corvus. We were impressed by the company's underwriting performance and their innovative, analytical approaches to risk selection and loss mitigation. Corvus is aligned with SiriusPoint's focus on agility, effective use of data, and close collaboration with brokers and policyholders -- all critical in a market where risk vectors are constantly changing. We are excited about the future Corvus roadmap in terms of talent, technology, and expansion.”
Dawn Puro, chief underwriting officer of casualty at R&Q Accredited America, added: “ Corvus's data- and tech-driven approach to cyber liability has been proven to meet the challenge of underwriting cyber risk and we are delighted to partner with them, alongside SiriusPoint, to enable further expansion of their leading offering."
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