The partnership will expand on a data-driven strategy for Ocean Cargo
Today, Corvus Insurance, the leading provider of smart commercial insurance products powered by AI-driven risk data, and Skyward Specialty Insurance Group, a leader in the specialty property and casualty market, announced a new partnership to expand Corvus’s Smart Cargo + Cyber™ offering. The announcement comes on the heels of Corvus’s $100M 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 featuring the cargo industry’s only comprehensive cyber liability endorsement. The cyber endorsement was 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 will expand Corvus’ AI-powered, data-driven strategy for Ocean Cargo by bringing its coverage to new industries and analyzing larger risks while also capitalizing on Skyward Specialty underwriting, risk analytics and technology expertise as the partnership seeks to expand the addressable market of this offering.
“Our new partnership with Skyward Specialty Insurance will be integral in our efforts to further expand Smart Cargo + Cyber, enabling us to leverage additional forms of unique and proprietary data sets that will provide groundbreaking insights,” said Phil Edmundson, founder and CEO of Corvus Insurance. “We look forward to providing our brokers and policyholders with our enhanced solutions and services as we partner with Skyward Specialty.”
Andrew Robinson, CEO of Skyward Specialty, commented, “Skyward Specialty is leading the market in incorporating new types of risk data, advanced analytics and emerging technologies to better address the needs of complex specialty property and casualty categories. Our DNA is unique amongst our peers in combining this capability with the traditional disciplines of a world-class specialty insurance company. Our partnership with Corvus on Smart Cargo + Cyber is another excellent example of our strategy to own those niches we seek to serve. We are excited to take this first step in our partnership with Corvus.”
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.