View this article online: https://www.insurancejournal.com/news/national/2021/04/16/610092.htm
Corvus Insurance, a provider of commercial insurance products powered by AI-driven risk data, and Skyward Specialty Insurance Group, a specialty property and casualty market, have partnered partnership to expand Corvus’ Smart Cargo + Cyber offering. The announcement comes after Corvus’s $100 million 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 with a cargo cyber liability endorsement 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 expands Corvus’ to new industries and allows it to analyze larger risks with Skyward Specialty’s underwriting, risk analytics and technology.
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.
Corvus Insurance’s Smart Commercial Insurance policy utilize its Dynamic Loss Prevention reports to inform policyholders of cyber risk areas and provide actionable security recommendations. Founded in 2017 by a team of insurance and technology industry veterans, 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.
Skyward Specialty is a property and casualty insurance holding company with nearly a billion dollars in premium and $2 billion in assets. The company works 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. Skyward Specialty was formerly known as Houston International Insurance Group (HIIG).