The partnership will expand on a data-driven strategy for Ocean Cargo
BOSTON–(BUSINESS WIRE)–Today, Corvus Insurance, the leading provider of smart commercial insurance products powered by AI-driven risk data, and Skyward Specialty Insurance Group, a leader in the specialty property and casualty market, announced a new partnership to expand Corvus’s Smart Cargo + Cyber™ offering. The announcement comes on the heels of Corvus’s $100M Series C fundraising round which brought the company to a $750 million valuation.
Corvus Smart Cargo + Cyber insurance is a data-driven Ocean Cargo policy featuring the cargo industry’s only comprehensive cyber liability endorsement. The cyber endorsement was designed to cover risks (such as business interruption) that occur when a cyber-attack halts or diverts goods in transit. The Skyward Specialty | Corvus partnership will expand Corvus’ AI-powered, data-driven strategy for Ocean Cargo by bringing its coverage to new industries and analyzing larger risks while also capitalizing on Skyward Specialty underwriting, risk analytics and technology expertise as the partnership seeks to expand the addressable market of this offering.
“Our new partnership with Skyward Specialty Insurance will be integral in our efforts to further expand Smart Cargo + Cyber, enabling us to leverage additional forms of unique and proprietary data sets that will provide groundbreaking insights,” said Phil Edmundson, founder and CEO of Corvus Insurance. “We look forward to providing our brokers and policyholders with our enhanced solutions and services as we partner with Skyward Specialty.”
Andrew Robinson, CEO of Skyward Specialty, commented, “Skyward Specialty is leading the market in incorporating new types of risk data, advanced analytics and emerging technologies to better address the needs of complex specialty property and casualty categories. Our DNA is unique amongst our peers in combining this capability with the traditional disciplines of a world-class specialty insurance company. Our partnership with Corvus on Smart Cargo + Cyber is another excellent example of our strategy to own those niches we seek to serve. We are excited to take this first step in our partnership with Corvus.”
Corvus and Skyward Specialty will also work to pursue new areas of coverage, as they seek to apply a proven playbook for using data science to provide value to brokers and policyholders. To date, the Corvus Cyber, Tech E&O and Cargo lines of business have generated over $120 million in annual premium run rate due to its differentiated underwriting, risk mitigation and digital experiences.
For more information on how Corvus is reimagining commercial insurance, please visit http://www.corvusinsurance.com.
Corvus Insurance is the leading provider of commercial insurance products built on advanced data science, with an AI-driven approach to empowering brokers and policyholders to better predict and prevent loss. With each Smart Commercial Insurance® policy, Corvus supplies proprietary Dynamic Loss Prevention® reports to inform policyholders of critical cyber risk areas and provide actionable security recommendations. Founded in 2017 by a team of veteran entrepreneurs from the insurance and technology industries, Corvus is backed by Bain Capital Ventures, Hudson Structured Capital Management, MTech Capital, Obvious Ventures, .406 Ventures, and Telstra Ventures. The company is headquartered in Boston, Massachusetts, and has offices across the U.S.
About Skyward Specialty
Skyward Specialty is a property and casualty insurance holding company with nearly a billion dollars in premium and $2BN in assets. The company has highly respected businesses in specialty lines including management and professional liability, healthcare professional liability, medical stop loss, surety, E&S property and liability, large commercial property, programs, as well as multi-line solutions for the energy, trucking, and construction industries.
Skyward Specialty’s subsidiary insurance companies consist of Houston Specialty Insurance Company; Imperium Insurance Company; Great Midwest Insurance Company; Oklahoma Specialty Insurance Company; and Boston Indemnity Company, Inc. These insurance companies are rated A- (Excellent) by A.M. Best Company. Skyward Specialty was formerly known as Houston International Insurance Group (HIIG). For more information about Skyward Specialty, its people, and products, please visit www.skywardinsurance.com.
Lisa van der Pool for Corvus
Linda Madden for Skyward Specialty