What Corvus Insurance does

Corvus Insurance is an AI-driven cyber insurance Managing General Underwriter (MGU) founded in 2017 in Boston and operating since December 2023 as a wholly-owned subsidiary of The Travelers Companies, Inc., following an acquisition valued at approximately $435 million. The company underwrites primary and excess cyber liability (Smart Cyber Insurance), technology errors and omissions (Smart Tech E&O), ocean cargo, and admitted cyber (Wingman Cyber) coverage, with policies now written on Travelers Excess and Surplus Lines paper. Its product portfolio is unified by proprietary technology platforms — CrowBar for broker quoting/binding, Corvus Scan for external vulnerability scanning, Corvus Signal for always-on threat intelligence and policyholder risk prevention, and Corvus Risk Navigator for underwriter decision support — combined with NLP and machine learning models that classify companies by industry, score litigation risk, and price cyber exposure.

The company sells primarily through wholesale and large retail insurance brokers, supported by the CrowBar digital self-service platform and channel partnerships with Tarmika (independent agents), Ridge Canada (Canadian market), and SentinelOne (cybersecurity vendor integration). Average policy size is approximately $9,000, with quotes delivered in under two hours for most submissions or autoquote in under a minute for eligible businesses. By end of 2020 Corvus had written more than 10,000 policies, exited at a $100M annual premium run rate (growing to $120M by January 2021), and achieved 250% year-over-year GWP growth; post-acquisition, the in-force book is described as exceeding $200 million, and the 2022 loss ratio of 36% was reported as U.S. industry-leading.

Corvus operates from Boston and Hartford, serves brokers and policyholders across the U.S., U.K., Germany, the Middle East, Canada, and Australia, and is led by CEO Madhu Tadikonda following founder Phil Edmundson's transition to Executive Chairperson. The company was built around a thesis that combining insurance underwriting with real-time data science could materially improve cyber risk selection and policyholder outcomes, a positioning that underpinned its Series C valuation of $750 million and its acquisition by Travelers.

Name

Corvus Insurance

Legal name

Corvus Insurance Agency, LLC

Website

https://corvusinsurance.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

251–500 employees

Short description

Corvus Insurance is an AI-driven cyber insurance MGU and wholly-owned subsidiary of Travelers, underwriting Smart Cyber Insurance and Tech E&O policies through brokers and digital platform CrowBar for mid-market businesses.

Ownership category

akta.pro rank

Product category

Cyber Insurance

NAICS

Insurance Agencies and Brokerages (524210), Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Carriers and Related Activities (524)

SIC

Insurance Agents, Brokers & Service (6411), Insurance Carriers, Nec (6399)

akta.pro primary industry

Insurance Program Administration & MGA/MGU Services (FSAEADAK)

akta.pro secondary industries

Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ), Network Security & Privacy Liability (Third-Party) (FSAJAOAE)

Keywords

• Cyber insurance underwriting
• Commercial insurance products
• Risk management platform
• Technology errors omissions
• Managing general underwriter

Headquarters

HQ city

Boston

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Cyber Insurance Premiums: Gross written premium from cyber liability insurance policies. The company exited 2020 at $100M annual premium run rate and grew to $120M by January 2021. Average policy size is approximately $9,000.
2. Tech E&O Insurance Premiums: Revenue from technology errors and omissions insurance products covering software, IT, and professional services providers for legal liability from failed products or services.
3. Ocean Cargo Insurance Premiums: Premium revenue from ocean cargo insurance products, one of the three core product lines alongside cyber liability and tech E&O.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Corvus Insurance is a cyber-focused Managing General Underwriter (MGU) that issues primary and excess cyber liability, technology errors and omissions (Tech E&O), and ocean cargo insurance policies through wholesale and retail insurance brokers. Its core offering pairs traditional insurance underwriting with a proprietary AI-driven risk platform (CrowBar) that provides data-driven quotes, vulnerability scanning, and ongoing threat intelligence to brokers and policyholders. Coverage is underwritten on Travelers Excess and Surplus Lines paper following the 2023 acquisition, with policyholders receiving in-house claims handling and risk prevention services.

Product overview

Corvus Insurance is a cyber insurance Managing General Underwriter (MGU) and wholly owned subsidiary of The Travelers Companies, Inc. The company offers a unified platform approach combining insurance products with proprietary AI-driven technology. The core product suite includes Smart Cyber Insurance® (primary cyber liability coverage) and Smart Tech E&O® (technology errors and omissions), both powered by the CrowBar® digital platform. Add-on services include Corvus Signal™ (risk prevention), Corvus Risk Navigator™ (underwriting tools), and the Corvus Risk Dashboard (policyholder portal). The company also acquired Wingman Insurance (Wingman Cyber™ products) and Tarian Underwriting Limited (Lloyd's coverholder) to expand into admitted markets and international coverage. All products are now written on Travelers Excess and Surplus Lines paper.

Differentiator

Problem solved

Functional benefit

Brands

• Smart Cyber Insurance®: Primary and excess cyber insurance coverage with AI-driven risk assessment and threat intelligence
• Smart Tech E&O®
• Wingman Cyber™
• Corvus Signal™
• CrowBar®
• Corvus Risk Navigator™
• Corvus Risk Insights Index™

Products and services

• Smart Cyber Insurance Primary and excess cyber liability insurance product covering ransomware, data breaches, business email compromise, and network security incidents for middle-market and larger enterprises with up to $5 billion in annual revenue. Includes in-house claims handling and risk prevention services.
• Smart Tech E&O Technology Errors and Omissions insurance covering legal liability and financial risk for software, IT, and professional services providers when their products or services fail or are breached, resulting in harm to customers. Uses NLP-based industry classification to assess litigation risk.
• Wingman Cyber Cyber liability insurance products providing A+ rated fully admitted coverage for all industries, distributed through partners such as Tarmika to independent agents.
• CrowBar Digital Platform Digital insurance platform providing brokers with cyber risk data, quoting and binding tools, account management, and policy administration. Supports autoquotes in under one minute for eligible businesses and full quotes within two hours.
• Corvus Signal Cyber risk prevention solution combining always-on threat intelligence, targeted alerts, risk advisory services, and a risk dashboard. Shown to reduce cyber breach frequency and cost by up to 20% for engaging policyholders.
• Tarian Underwriting Limited Lloyd's of London coverholder providing underwriting capabilities for international cyber and specialty insurance markets.
• Corvus Risk Navigator Underwriting platform enabling predictive, data-driven insights, superior risk selection, accelerated decision-making, and IT security recommendations for underwriters.
• Ocean Cargo Insurance Ocean cargo insurance product covering physical cargo loss, damage, and transit risks for shipping and logistics companies, one of Corvus's three core product lines.

Quantifiable outcome

• 250% YoY growth in Gross Written Premium in 2020
• +4 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability8 records

Feature6 records

Partnerships

Five partnerships are on record, tiered core, flagship and strategic.

• TarmikacoreChannel Partner/ Reseller/ DistributorPartnership brings Corvus's Wingman cyber liability products into Tarmika's single-entry efficiency platform for independent agents. Enables seamless quoting of Wingman products within Tarmika.
• Core SpecialtycoreStrategic or Co-development PartnerPartnership to support expansion of Excess Tech E&O and Cyber product with up to $5M coverage for companies with revenues up to $500MM. Core Specialty's first entry into Cyber and Tech E&O market.
• The Travelers Companies, Inc.flagshipStrategic or Co-development PartnerTravelers acquired Corvus in late 2023 for approximately $435M. Corvus operates as industry-leading cyber MGU under Travelers umbrella with access to Travelers paper and distribution network.
• Ridge Canada Cyber Solutions Inc.coreChannel Partner/ Reseller/ DistributorRidge Canada expanded stamp capacity with Corvus London Markets and brought on Munich Re Syndicate. Technology and underwriting expertise combined for effective risk assessment in Canadian market.
• SentinelOnestrategicTechnology or IntegrationSentinelOne's WatchTower Vital Signs Report app integration provides real-time inside-out view of enterprise cybersecurity health for improved policy accessibility and reduced underwriting risk.

Scale indicators9 records

Recent moves1 record

Expansion highlights4 records

Direct peers

• At-Bay: At-Bay is a cyber insurance MGU that combines data-driven underwriting with risk monitoring for middle-market businesses, positioning itself as a direct substitute for Corvus with similar broker-channel distribution and security-focused value proposition.
• Coalition: Coalition is a cyber insurance and active insurance provider that uses internet-scale data and threat intelligence to underwrite cyber risk. Like Corvus, it sells through brokers, focuses on technology-driven risk selection, and offers continuous monitoring to policyholders.
• Resilience: Resilience is a cyber insurance MGU that combines underwriting with risk quantification and security services for middle-market enterprises. It competes head-to-head with Corvus in the broker-distributed cyber insurance market using a tech-enabled approach.
• Cowbell Cyber: Cowbell is an AI-powered cyber insurance provider focused on small and mid-market businesses, distributing through brokers with continuous risk assessment. It targets similar customers as Corvus and competes on AI-driven underwriting and broker experience.
• Beazley: Beazley is a specialty insurer with a market-leading cyber insurance practice, including the Beazley Breach Response product. It is one of the largest dedicated cyber insurers in the Lloyd's and U.S. markets and directly competes with Corvus in broker-distributed cyber and Tech E&O underwriting.

Broad incumbents

• Chubb: Chubb is a large global P&C insurer with significant cyber insurance and Tech E&O offerings for middle-market and enterprise customers. As a broad incumbent, Chubb competes with Corvus across multiple product lines but does not specialize solely in cyber.
• Travelers: Travelers is now Corvus's parent company following the 2023 acquisition, but it remains a broader P&C carrier with cyber as one of many lines. Travelers competes in the cyber market independently of Corvus's MGU while also providing paper for Corvus's underwriting — making it both parent and peer.
• AIG: AIG is a global insurer offering cyber, Tech E&O, and other specialty coverages through its Financial Lines division. It is a broad incumbent that competes with Corvus in cyber for middle-market and enterprise customers via brokers.
• Hiscox: Hiscox is a specialty insurer with strong cyber and Tech E&O offerings focused on small and mid-market businesses, distributed through brokers and direct channels. It overlaps with Corvus on cyber underwriting and small-business specialty lines.
• Munich Re: Munich Re is a global reinsurer that provides capacity for cyber MGUs and writes cyber reinsurance directly. Munich Re Syndicate at Lloyd's is a quoted partner of Corvus, but Munich Re more broadly is a competing source of capacity and risk insight in the cyber market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/corvusinsurance
• Facebookfacebook.com/Corvus-Insurance-105283472153290
• LinkedInlinkedin.com/company/corvusinsurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries3 records

Funding overview

Funding rounds5 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Corvus Insurance