Corvus Insurance disclosed it has attracted $32 million in new financing that will fuel further growth, in part by countering complex cyber risks.
The InsurTech-focused managing general agent based in Boston, Mass., centers around commercial insurance. Corvus said its cash infusion will help propel growth among existing product lines and accelerated development of new technologies and tools to improve risk management, particularly in areas such as complex cyber risk.
“Commercial insurance has failed both brokers and policyholders when it comes to cyber risk. We are obsessed with changing that outcome,” Phil Edmundson, founder and CEO of Corvus, said in prepared remarks. “We see a future where brokers act as educated advisers on cyber risk, armed with better options for risk assessment, coverage and risk management for their clients. Empowering brokers to provide this level of service to clients of all sizes, large and small, is how we at Corvus will make the world safer. We are so pleased to have the support of investors who share in this vision.”
Telstra Ventures led the Corvus Series B round, with participation from Obvious Ventures and existing Corvus investors including .406 Ventures, Bain Capital Ventures and Hudson Structured Capital Management. Marcus Bartram, a partner at Telstra Ventures, will join Corvus’s board of directors.
Corvus leverages unique sets of data that it analyzes with AI techniques to help brokers and policyholders better predict and prevent loss, with the idea of delivering value to policyholders, brokers, underwriters and reinsurers. Currently, Corvus offers its Smart Commercial Insurance branded products designed to address the massive global challenge posed by cyber attacks, and the company claims it is the only one that has embedded cyber coverage up and down the property/casualty spectrum to deal with pervasive “Silent Cyber” risk.
Corvus raised $10 million in Series A funding in late 2018. Along with the company’s earlier seed round, the company’s total funding to date is $46 million. Corvus said it has expanded to major U.S. regions and plans to continue growing headcount rapidly across underwriting, product and data science teams.
Corvus launched in 2017. Edmundson previously ran a top commercial insurance brokerage, William Gallagher Associates, which was subsequently sold to Arthur J. Gallagher.
Source: Corvus Insurance