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Corvus Insurance Announces Enhanced Partnership with SiriusPoint and R&Q Accredited, Adding $100MM to Previous Investment
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Corvus Insurance has announced an expanded strategic partnership with SiriusPoint Ltd. (NYSE: SPNT) and R&Q Accredited, enhancing their program with an additional $100 million investment. The partnership aims to leverage AI-driven data for improved Smart Cyber Insurance offerings, following an initial collaboration initiated in September 2021. Corvus’s CEO, Phil Edmundson, stated that this collaboration will provide superior loss ratios for partners. The growth will enable Corvus to enhance its global reach and underwriting capabilities in response to evolving cyber risks.
Positive
Additional $100 million investment from SiriusPoint and R&Q Accredited to enhance insurance offerings.
Strengthened partnership aims to improve Smart Cyber Insurance products through AI-driven data.
Corvus's innovative approach contributes to superior loss ratios for partners.
Negative
None.
Multi-year strategic investments further enable Corvus’s evolution and focus on policyholders across geographies
BOSTON--(BUSINESS WIRE)--
Corvus Insurance, the market-leading specialty insurance MGA offering Smart Commercial Insurance® products powered by AI-driven risk data, today announced an expanded strategic partnership with SiriusPoint Ltd. (“SiriusPoint”) (NYSE: SPNT), the global specialty insurer and reinsurer, and R&Q Accredited, the leading program management solution provider.
The enhanced program, with R&Q Accredited continuing as the fronting insurer, follows an initial investment and multi-year underwriting capacity partnership announced in September 2021. The latest multi-year investment from SiriusPoint and R&Q Accredited adds an additional $100MM to the program and will allow Corvus to build upon its Smart Cyber Insurance® offerings.
“Our expanded partnership with SiriusPoint and R&Q Accredited will help Corvus reach new heights,” said Phil Edmundson, Founder and CEO of Corvus Insurance. “Our digital platform, the CrowBar®, and the data and AI tools used by Corvus are producing superior loss ratios for our partners. Together we are building a win-win-win for our brokers, policyholders, and risk capital partners.”
In addition to its wider global reach, Corvus will continue to leverage its underwriting capabilities and disciplined approach to taking on risk. Garnering expertise from these avenues, along with its core technology and data sources, is paramount for cyber insurance — and Corvus will continue to evolve to meet the needs of its brokers and policyholders.
“We are delighted to expand SiriusPoint’s multi-year agreement with Corvus and to enhance our partnership to support the company’s ongoing growth,” said Patrick Charles, Global Head of Property & Casualty, Insurance & Services at SiriusPoint. “We have continued to be impressed with Corvus’s agility in responding to the evolving cyber risks its clients face, and the innovative and disciplined approach it applies to risk mitigation. We are excited about the next phase of the company’s development.”
“We are excited to build on our partnership with Corvus. Their data- and tech-driven approach to cyber liability has already helped drive strong growth, and we are delighted to strengthen our partnership as Phil and his team continue to evolve and expand the Corvus offering," said Dawn H. Puro, Chief Underwriting Officer, Casualty of R&Q Accredited America.
For more information about Corvus Insurance and its Smart Commercial Insurance® products, please visit https://www.corvusinsurance.com.
About Corvus
Corvus Insurance is building a safer world through insurance products and digital tools that reduce risk, increase transparency, and improve resilience for policyholders and program partners. Our market-leading specialty insurance products are enabled by advanced data science and include Smart Cyber Insurance®, Smart Tech E+O™, and Smart Cargo®. Our digital platforms and tools enable efficient quoting and binding and proactive risk mitigation. Corvus Insurance offers insurance products in the US, Middle East, Europe, Canada, and Australia. Current insurance program partners include AXIS Capital, Crum & Forster, Hudson Insurance Group, certain underwriters at Lloyd’s of London, R&Q Accredited, SiriusPoint, and Skyward Specialty Insurance. Corvus Insurance, Corvus London Markets, and Corvus Germany are the marketing names used to refer to Corvus Insurance Agency, LLC; Corvus Agency Limited; and Corvus Underwriting GmbH. All entities are subsidiaries of Corvus Insurance Holdings, Inc.Corvus Insurance was founded in 2017 and is headquartered in Boston, Massachusetts with offices across the US, in the UK, and Germany. For more information, visit corvusinsurance.com.
About SiriusPoint
SiriusPoint Ltd. (SiriusPoint) is a global insurer and reinsurer providing solutions to clients and brokers in almost 150 countries. Bermuda-headquartered with offices around the world, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and technology-driven insurance services companies within our Insurance & Services division. With over $3 billion total capital, SiriusPoint's operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visit www.siriuspt.com.
About R&Q Accredited
R&Q Accredited is a non-life global specialty insurance company operating two core, highly complementary, businesses: Program Management and Legacy Insurance. Both these businesses are leaders in markets with high barriers to entry and significant growth opportunities.
R&Q Accredited is R&Q’s leading program manager operating across the US and Europe. It is the only dedicated program partner to provide A- rated insurance capacity in each of the US, UK and Europe, including licenses to write admitted business in all 50 US states. R&Q Accredited has over 68 active programs representing $1.8 billion of contracted premium. R&Q Accredited is a wholly owned subsidiary of R&Q Insurance Holdings Ltd.
