Company Begins 2021 with 250% Year-over-Year Growth, Technological Innovations, and Milestone New Hires
BOSTON, MA / ACCESSWIRE / January 21, 2021 / Corvus Insurance, the leading provider of smart commercial insurance products powered by AI-driven risk data, today announced that it exited 2020 at a $100M annual premium run rate, capping off a year that was marked by accelerated growth for the company. Corvus spent 2020 executing on a plan to reimagine commercial insurance, recognizing the market reality that traditional insurers are not meeting the dynamic needs of brokers and policyholders. Continual technological advancements throughout the year have placed Corvus in a leadership position across multiple commercial insurance products, dramatically increasing adoption and overall growth metrics.
Corvus experienced 250% YoY annual growth in Gross Written Premium in 2020. This growth included record premiums across each of Corvus's three core product lines: cyber liability, technology errors & omissions, and ocean cargo. True to the thesis Corvus was founded upon four years ago - to equally combine technology and data expertise with a deep understanding of insurance distribution channels - each of these three products leverages unique data sources and artificial intelligence to offer policyholders better risk coverage while also focusing innovations on the needs of insurance brokers. Last year, Corvus also surpassed 10,000 policies written, launched its Enterprise and Reinsurance offerings, and significantly broadened its broker network.
In addition, Corvus expanded its team as well. Overall, the employee base grew 172% in 2020 with a number of significant senior hires, most recently the appointments of tech industry veterans Stephen Tarleton as CMO and Nate Smolenski as CISO. Additionally, earlier in the year, Sam Kramer and Jocelyn Getson joined as Vice President of Reinsurance and Vice President of Enterprise/API, respectively.
'We are energized by the growth of Corvus in 2020 and delighted to enter the new year with added talent so that we can continue on our mission to be a company that blends the insurance needs of our customers with technological prowess, which is rare for our industry,' said Phil Edmundson, Founder, and CEO of Corvus Insurance. 'Our recent hires bring invaluable experience to Corvus as we continue to build momentum and promote our mission.'
'Last year saw amazing progress in Corvus meeting the needs of its risk capital providers, brokers, policyholders, and underwriters with better software and data products, including ways to directly assess, convey and reduce risk,' said Mike Lloyd, Co-Founder, and Chief Product Officer. 'With a technology and product organization that has more than doubled in 2020, we are excited to continue and accelerate our rapid pace of development in 2021.'
Corvus is reimagining commercial insurance for a digital world by making insurance smarter, companies safer, and brokers more successful. Corvus empowers brokers and policyholders with actionable insights to mitigate complex risks and reduce losses through the CrowBarⓇ digital platform, smart insurance products, and premier risk management services. Corvus is the world's largest specialty commercial InsurTech company.
Founded in 2017 by a team of veteran entrepreneurs from the insurance and technology industries, Corvus is backed by Telstra Ventures, Obvious Ventures, MTech Capital, Bain Capital Ventures, Hudson Structured Capital Management, and .406 Ventures. The company is headquartered in Boston, Massachusetts, and has offices across the U.S.
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