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Insurtech raises $ 100 million in risk financing



Insurtech company Corvus Insurance Holdings Inc. said on Wednesday that it has secured $ 100 million in venture capital financing.

Boston-based executive insurers said the round is led by New York-based Insight Venture Management LLC, which does business as Insight Partners, in addition to participation from existing investors.

The latest cash injection means that the total amount collected since 2017 was set at $ 147 million, Corvus said in a statement.

Corvus plans to use the funds to increase its workforce. and expand to new lines of commercial insurance.

In addition to cyber liability, Corvus currently offers freight insurance and technical errors and omissions.

Corvus founder and CEO Phil Edmundson said in an interview that MGU plans to double employees this year, with an emphasis on computer scientists and machine learning experts. It started the year with 1

25 employees, currently 140 employees and expects to reach a number of employees at 260 by the turn of the year, he said. , errors and omissions coverage, liability principles and cyber coverage with up to $ 5 million in limits per insurance. to gain access to other unique amounts of data that enable us to gain insight into warranty, sales and risk management for other commercial lines, says Edmundson.

MGU also wants to expand abroad next year and targets large economies including countries in Europe, Canada, Australia and Asia, he said.

The price of cyber insurance is rising and awareness of cyber risk and the need for greater coverage is increasing due to increased claims and due to COVID-19 and more work from home, Edmundson said. "It's a growth market," he said.

Corvus uses artificial intelligence to analyze unique and proprietary data sets to better predict and prevent loss, he said.

MGU saw a gross growth of 250% in 2020 and it ended in January with a premium rate of $ 120 million with an average insurance size of $ 9,000, the statement said.

As part of the deal, Insight Partners 'CEO Deven Parekh will join Corvus' board and principal David Spiro will join as a board observer, Corvus said in the statement. Catalog

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