Corvus Insurance, the Boston-based, cyber-focused managing general agent, announced it has acquired Tarian Underwriting Ltd. from Beat Capital Partners Ltd.
Tarian operates a cyber underwriting platform that provides cyber solutions and underwrites on behalf of a consortium of Lloyd’s syndicates. Headquartered in London, Tarian’s international footprint covers the UK, U.S., Middle East, Canada and Australia. In addition to cyber, it specializes in technology errors & omissions insurance.
Financial details of the transaction were not disclosed.
With this deal, Corvus has become the first cyber insurtech to acquire a London underwriting platform, instantly providing global underwriting capabilities and access to Lloyd’s cyber insurance capacity, said Corvus in a statement. Tarian will be rebranded as Corvus Underwriting Ltd.
“Corvus is now the world’s leading cyber insurtech. By bringing Tarian into the Corvus fold, we are expanding our international footprint into Europe, Africa and Australia with an experienced and proven team of underwriters,” said Phil Edmundson, founder and CEO of Corvus Insurance. “Tarian has expanded its capacity for 2022, which is a testament to its underwriting discipline and strategy. We are thrilled to continue this growth and to bring the entire Tarian team on board, as they share our mission to make the world a safer place.”
The team at Tarian has been creating tailored solutions for cyber and technology insurance risks since its launch in 2016. Capitalizing on Tarian’s wide international footprint, Corvus is unlocking a new strategic opportunity for expansion and entering the international market to underwrite cyber insurance policies globally.
“We founded Tarian as a group with extensive market experience that saw an opportunity to set up a customer-centric company that was focused on entrepreneurial and tailored solutions to improve the standard of cyber and technology insurance risk,” said Geoff Pryor-White, CEO of Tarian. “Now as a part of Corvus, and with greater access to its data-driven insurance technologies, we can continue our founding mission and support our policyholders as one, dynamic team.”
“Beat businesses are formed around leading underwriting talent, and Tarian was one of our very first investments,” said John Cavanagh, chairman at Beat Capital, which is a long duration venture capital investor exclusively focused on the insurance industry.
“The data-driven, cyber technologies of the Corvus Risk Aggregation Platform will provide the Tarian team with best-in-class technology to support its differentiated underwriting proposition,” he added.
Corvus said it is coming off “tremendous growth in 2021.” Following its $115 million Series C funding round in the spring, Corvus strategically appointed new c-suite executives and announced a new Risk Aggregaation PlatformSM to address systemic cyber risk aggregations.
Corvus was founded in 2017 by a team of veteran entrepreneurs from the insurance and technology industries and is backed by investors that include Bain Capital Ventures, Insight Partners, Aquiline Technology Growth and FinTLV. Insurance program partners include Accredited, AXIS Capital, Crum & Forster, Hudson Insurance Group, SiriusPoint, and Skyward Specialty Insurance.
Source: Corvus Insurance
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