Corvus, Core Specialty partner on expansion of tech E&O and cyber product
Corvus, Core Specialty partner on expansion of tech E&O and cyber product | Insurance Business America
Cyber
Corvus, Core Specialty partner on expansion of tech E&O and cyber product
Partnership marks specialty insurance provider’s first foray into the cyber and tech E&O market
Cyber underwriter Corvus Insurance has announced the launch of a new program with insurance provider Core Specialty to support the expansion of the Excess Tech E&O and Cyber product with additional capacity.
This marks Core Specialty’s first offering in the cyber and tech E&O market, the companies said.
The program provides up to $5 million in coverage for companies with revenues up to $500 million. The program will be written on Core Specialty’s paper and will include tech E&O coverage and a full suite of cyber coverages, on an excess basis. Corvus’s in-house team will manage the policies, from underwriting to claims handling.
The announcement comes after Corvus’s recent launch of Corvus Risk Navigator, which allows underwriters to provide predictive insights, superior risk selection and rapid decision-making, and IT security recommendations.
“We are thrilled to have the validation of Core Specialty, a well-known leader in specialty insurance,” said Corvus CEO Madhu Tadikonda. “Both Core Specialty and Corvus put underwriting excellence and results first, so we view ourselves as natural partners. Core Specialty’s commitment is a testament to Corvus’s proven track record combining growth with industry-leading loss ratios.
“The Corvus formula works – arming the strongest underwriters with best-in-class data and technology means accurate risk selection, better broker experience, and superior underwriting outcomes. We have the best team in the industry and are excited to expand our realm of possibilities with broker partners, thanks to this partnership, including the rollout of excess capacity.”
“We chose Corvus for our first foray into cyber and tech E&O because of its unique and modern approach to combining skilled underwriting with data-driven technology,” said Jeff Consolino, president and CEO of Core Specialty. “We are impressed by Corvus’s talented team of cybersecurity underwriters, technology, and data science professionals, and we look forward to working together to support a full spectrum of tech E&O business – starting with this excess coverage.
“The tech E&O and cyber product will complement Core Specialty’s commercial errors and omissions liability products and services for small and medium-sized businesses and professionals where we deliver a wide range of protection to help cover loss and defense costs that come from claims of professional negligence, error or omission.”
The partnership comes on the heels of Corvus’s appointment of Prashanth Gangu as company president. The US-headquartered company, which has offices in the UK and Germany, also recently expanded its Frankfurt team.
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