An initial program, with fronting by R&Q
Accredited, provides cyber insurance
Corvus Insurance, the leading provider of smart commercial
insurance products powered by AI-driven risk data, and SiriusPoint
Ltd. (“SiriusPoint”) (NYSE: SPNT), the global specialty insurer and
reinsurer, today announced a strategic investment and multi-year
underwriting capacity partnership that will support existing and
future commercial insurance product offerings. The partnership’s
first program, with leading program management solution provider
R&Q’s Accredited acting as the fronting insurer, focuses on
Corvus’s Smart Cyber Insurance® product and builds on the company’s
existing cyber operations.
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This new program enables Corvus to take on primary and excess
cyber liability risks for businesses earning up to $1B in gross
annual revenue, with limits up to $5M. All incoming claims will be
fully managed end-to-end by the Corvus in-house Claims team.
Current and previous Smart Cyber Insurance® programs remain intact
and separate from this new undertaking.
“Corvus is focused on making the world a safer place, and this
new partnership with SiriusPoint and R&Q’s Accredited will play
an integral role in extending our mission,” said Phil Edmundson,
founder and CEO of Corvus Insurance. “We are excited to expand our
capabilities in providing world-class smart commercial insurance
products to a new generation of brokers and policyholders, and we
thank our new partners for making this possible.”
With their multi-year underwriting capacity arrangement and
SiriusPoint’s investment in Corvus, the companies aim to expand
upon the successful track record of Corvus’s Smart Cyber Insurance®
product, as well as to pursue new, differentiated commercial
insurance products.
"We are delighted to announce our strategic partnership with
Corvus. Cyber is a critical product to businesses as operations and
assets are digitized at ever increasing speed, and it is essential
that as insurers, we are responding to our client's needs,” said
Prashanth Gangu, COO and President, Insurance and Services,
SiriusPoint. “SiriusPoint studied the market extensively and
decided on a deep partnership and multi-year underwriting capacity
arrangement with Corvus. We were impressed by the company's
underwriting performance and their innovative, analytical
approaches to risk selection and loss mitigation. Corvus is aligned
with SiriusPoint's focus on agility, effective use of data, and
close collaboration with brokers and policyholders -- all critical
in a market where risk vectors are constantly changing. We are
excited about the future Corvus roadmap in terms of talent,
technology, and expansion.”
“Corvus's data- and tech-driven approach to cyber liability has
been proven to meet the challenge of underwriting cyber risk and we
are delighted to partner with them, alongside SiriusPoint, to
enable further expansion of their leading offering," said Dawn H.
Puro, Chief Underwriting Officer, Casualty of R&Q Accredited
America.
For more information on the Corvus Smart Cyber Insurance®
policies, please visit www.corvusinsurance.com.
About Corvus
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 Insight Partners, Bain Capital Ventures, .406
Ventures, Hudson Structured Capital Management, Aquiline Technology
Growth, FinTLV, Telstra Ventures, Obvious Ventures, and MTech
Capital. The company is headquartered in Boston, Massachusetts, and
has offices across the U.S.
About SiriusPoint
SiriusPoint Ltd. (SiriusPoint) is a global insurer and reinsurer
providing solutions to clients and brokers in almost 150 countries.
Bermuda-headquartered with offices around the world, we are listed
on the New York Stock Exchange (SPNT). We write a global portfolio
of Accident and Health, Specialty, Property and Runoff, combining
data and creative thinking to underwrite risks with skill and
discipline. With over $3 billion total capital, SiriusPoint's
operating companies have a financial strength rating of A-
(Excellent) from AM Best, S&P and Fitch. For more information,
please visit www.siriuspt.com.
About R&Q
R&Q is a non-life global specialty insurance company
operating two core, highly complementary, businesses: Program
Management and Legacy Insurance. Both these businesses are leaders
in markets with high barriers to entry and significant growth
opportunities.
Accredited is R&Q’s leading program manager operating across
the US and Europe. It is the only dedicated program partner to
provide A- rated insurance capacity in each of the US, UK and
Europe, including licenses to write admitted business in all 50 US
states. Accredited has over 68 active programs representing $1.8
billion of contracted premium. Accredited is a wholly owned
subsidiary of Randall & Quilter Investment Holdings Ltd.
(“R&Q”)
SiriusPoint Forward-Looking Statements
We make statements in this report that are forward-looking
statements within the meaning of the U.S. federal securities laws.
We intend these forward-looking statements to be covered by the
safe harbor provisions for forward-looking statements in the U.S.
Federal securities laws. These statements involve risks and
uncertainties that could cause actual results to differ materially
from those contained in forward-looking statements made on behalf
of SiriusPoint. These risks and uncertainties include the impact of
general economic conditions and conditions affecting the insurance
and reinsurance industry, the adequacy of our reserves, fluctuation
in the results of operations; pandemic or other catastrophic event,
such as the ongoing COVID-19 outbreak; the costs, expense and
difficulties of the integration of the operations of Third Point
Reinsurance Ltd. and Sirius International Insurance Group, Ltd.;
our ability to assess underwriting risk, trends in rates for
property and casualty insurance and reinsurance, competition,
investment market and investment income fluctuations, trends in
insured and paid losses, regulatory and legal uncertainties and
other risk factors described in SiriusPoint’s Quarterly Reports on
Form 10-Q for the periods ended March 31, 2021 and June 30, 2021.
Except as required by applicable law or regulation, we disclaim any
obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors,
or new information, data or methods, future events or other
circumstances after the date of this report.
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version on businesswire.com: https://www.businesswire.com/news/home/20210915005980/en/
Media Lisa van der Pool, Inkhouse for Corvus
corvus@inkhouse.com
Stephen Tarleton, Chief Marketing Officer, Corvus
starleton@corvusinsurance.com
Clare Kerrigan, Investor Relations, SiriusPoint
clare.kerrigan@siriuspt.com +44 7970695959
Sarah Hills, Rein4ce for SiriusPoint sarah.hills@rein4ce.co.uk
+44 7718882011
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