MGA Corvus Insurance, fresh off of raising $115 million in new venture financing, has made an acquisition with an eye on the admitted coverage marketplace and more digital platform partnerships. More acquisitions appear likely.
The Boston-based InsurTech focused on providing smart commercial insurance products through artificial intelligence-driven risk data purchased Wingman Insurance, a Cambridge, MD-based InsurTech MGA that provides a tech platform for admitted Cyber and Tech E&O coverage in all 50 states and D.C.
Both companies declined to disclose financial terms. They have clear compatibilities, however. Corvus, which debuted in January 2017, has made strides with products such as its Corvus Crowbar digital platform, which is designed to provide cyber risk data to brokers and policyholders. Wingman, which started in 2016, has products such as Wingman Cyber, a specialty insurance product for small and medium-sized businesses that covers cyber attack and data breach-related losses. (Wingman will continue as an independent brand and offering.)
Phil Edmundson, the Corvus founder and CEO, said acquiring Wingman is a major milestone for the company.
“By expanding our footprint in the small and midsize business market and creating the ability to white label our [products and services] as we further explore multiple product lines, this addition creates new opportunities for Corvus as we launch an acquisition strategy and continue organic growth,” Edmundson said in prepared remarks.
G. Philip Feldman, founder and CEO of Wingman Insurance and a former insurance agency executive, said that both companies have similar goals.
“Corvus and Wingman share a like-minded philosophy around the need to create technology and software that empower brokers with intuitive tools that reduce administrative work and provide insight to better understand and inform their clients on complex risks,” Feldman said in prepared remarks.
In a June 2021 interview about Corvus’s $115 million Series C financing, Edmundson gave Carrier Management hints that a major expansion was to come. As of June, the company employed 170 people, with plans to more than double headcount through 2021, he said.
Source: Corvus Insurance