What Evolve MGA does

Evolve MGA (Evolve Cyber Insurance Services, LLC) is a cyber-focused managing general agent with full underwriting authority, founded in 2015 and headquartered in San Diego, California, with additional offices in California, New York, and Texas. The company underwrites Cyber Liability and Technology Errors & Omissions coverage for small-to-medium enterprises with cyber risk exposures typically up to $250M, with certain classes up to $500M, distributed exclusively through a network of over 3,000 appointed retail insurance brokers serving approximately 6,000 policyholders across all 50 U.S. states. On July 12, 2023, Nexus Underwriting completed its acquisition of Evolve—its 17th acquisition since 2008—and Evolve now operates as a subsidiary offering the Evolved NexGen cyber policy supported by Lloyd's of London, led by founding brothers Michael and Patrick Costello, both 4th-generation insurance professionals and joint winners of Advisen's 2020 USA Cyber Person of the Year.

The core product is the NexGen cyber insurance policy providing first- and third-party coverage including cyber crime, breach remediation, system restoration, business interruption, and cyber liability, complemented by a Tech E&O policy for technology service providers. Underwriting operations are supported by proprietary tools including a CSV-based Cyber Quote Automation that returns automated quotes 60 days before renewal, a Data Breach Calculator that quantifies breach-related costs across notification, forensic, legal, and class-action exposures, a Dark Web Scanner that prioritizes the most-exposed credentials in a prospect's organization, and a CyberRiskAware phishing simulation platform. Policyholders additionally receive complimentary or discounted access to a curated set of cybersecurity vendor partners—Upfort Shield, Avail, BlackFog, Control Case, eSentire, and Coro—extending value beyond the insurance contract itself.

Evolve generates revenue primarily through MGA commissions and underwriting spreads on cyber and Tech E&O premiums placed with carrier partners, with average annual pricing of roughly $5,000 for the broadest cyber product for businesses under $50M in revenue and annual billing on subscription terms. The firm has been recognized as Advisen's Cyber MGA of the Year three consecutive times (2019, 2020, 2021), reflecting sustained broker relationship strength and specialized underwriting capability within the SME cyber segment.

Name

Evolve MGA

Legal name

Evolve Cyber Insurance Services, LLC

Website

https://evolvemga.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Evolve MGA is a cyber-focused managing general agent underwriting Cyber Liability and Tech E&O coverage for U.S. small-to-medium enterprises. Founded in 2015 and now a Nexus Underwriting subsidiary, it distributes through 3,000+ retail brokers across all 50 states.

Ownership category

akta.pro rank

Product category

Cyber Insurance

NAICS

Insurance and Employee Benefit Funds (5251)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Insurance Program Administration & MGA/MGU Services (FSAEADAK)

akta.pro secondary industry

Standalone Cyber Liability Insurance (FSAJAOAA)

Keywords

• Cyber liability insurance
• Tech errors omissions
• Managing general agent
• SME cyber underwriting
• Cyber risk coverage

Headquarters

HQ city

San Rafael

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Cyber Insurance Premiums: Evolve MGA operates as a Managing General Agent with full underwriting authority, generating revenue through insurance premiums for Cyber Liability and Tech E&O coverage. The company underwrites SME cyber risk exposures and earns commissions/spreads on insurance policies placed with their carrier partners.
2. Tech E&O Insurance Premiums: Revenue generated from Technology Errors & Omissions coverage designed for digital age risks, including software, hardware, and technology service providers.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels9 records

Core offering

Evolve MGA is a cyber-focused managing general agent with full underwriting authority that delivers Cyber Liability (NexGen) and Tech Errors & Omissions coverage to small and medium enterprises with cyber risk exposures up to $250M (some classes up to $500M). The company underwrites on behalf of carrier partners, including Lloyd's of London syndicates, and distributes policies exclusively through a national network of appointed retail insurance brokers. Policyholders receive complimentary access to curated cybersecurity risk management vendors and proprietary tools such as the Data Breach Calculator and Dark Web Scanner.

Product overview

Evolve MGA operates as a cyber-focused managing general agent with full underwriting authority, offering two primary insurance products: Cyber Insurance (NexGen Policy) providing comprehensive cyber liability and first-party coverage for SMEs, and Tech Errors & Omissions Insurance covering technology professional liability risks. The company also provides supplementary tools including a Data Breach Calculator for sales use and Cybersecurity Risk Management Resources connecting policyholders with third-party security vendors. All products are distributed through a network of over 3,000 retail broking partners serving approximately 6,000 policyholders across all 50 U.S. states, with coverage supported by Lloyd's of London.

Differentiator

Problem solved

Functional benefit

Products and services

• Cyber Insurance (NexGen Policy) Broad cyber insurance policy protecting organizations from hacking attacks, data breaches, system failures, ransomware, social engineering, cyber crime, and business interruption. Covers SMEs with cyber risk exposures up to $250M (some classes up to $500M), underwritten by Evolve MGA with capacity backed by Lloyd's of London and distributed through appointed retail brokers.
• Tech Errors & Omissions Insurance Technology Errors & Omissions coverage for technology service providers and digital-age businesses, protecting against software/hardware malfunction, data breach, professional negligence, contractual breach, missed deadlines, misrepresentation of services, IP infringement, system downtime, and inaccurate data analysis. Distributed through Evolve MGA's retail broker network.
• Data Breach Calculator Standalone tool that estimates potential data breach costs, including incident investigation, customer notification, regulatory fines, PCI costs, and class action lawsuit expenses based on breach characteristics. Used by brokers and producers to individualize data breach scenarios for specific companies.
• Cybersecurity Risk Management Resources for Policyholders Exclusive bundled access for Evolve MGA policyholders to a curated set of third-party cybersecurity vendors offering risk assessments, vulnerability scans, and security services, including Upfort Shield (email security, network defense, security training), Avail (risk assessments), BlackFog (ransomware assessments), Control Case (privacy compliance consultation), eSentire (managed detection and response), and Coro (endpoint and data governance).

Quantifiable outcome

• 24/7 incident response hotline for immediate forensic specialist assistance at $500/hr
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Nexus UnderwritingcoreStrategic or Co-development PartnerOn July 12, 2023, Nexus Underwriting completed acquisition of Evolve Cyber Insurance Services LLC. This is Nexus's 17th acquisition since 2008 and marks strategic expansion into the fast-growing specialist cyber class of business. Evolve now operates as part of Nexus Underwriting, offering the new Evolved NexGen cyber policy supported by Lloyd's of London in all 50 U.S. states.
• Upfort ShieldcoreTechnology or IntegrationAward-winning cybersecurity suite powered by military-inspired AI. Available to all Evolve customers following free three-month trial at exclusive discount rate. Includes email security, network defense, security training, and continuous monitoring.
• AvailminorStrategic or Co-development PartnerAvail's team assesses cyber exposure, guides policyholders to top-tier vendors, and ensures seamless implementation. Provides free risk assessments for policyholders through intake form.
• Control CaseminorStrategic or Co-development PartnerProvides 40-minute consultation to identify if organization's sensitive information complies with foreign, federal, state, and private privacy regulatory laws including CCPA.
• McDonald HopkinsminorImplementation/ SI/ Consulting PartnerClaims handling partner providing rapid response claims handling for cyber insurance policyholders.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Coalition: Cyber-focused MGA offering active insurance and cybersecurity services to SMEs and mid-market — most direct functional peer to Evolve MGA's cyber specialty, broker-led distribution, and bundled security vendor model.
• At-Bay: Cyber and Tech E&O-focused MGA serving SME/mid-market through broker channels — directly comparable line of business, target customer, and security-services bundling approach as Evolve.
• Cowbell Cyber: Cyber-focused MGA targeting SMEs via broker and digital channels — directly comparable product set (cyber + Tech E&O) and customer segment to Evolve, with a similar emphasis on broker automation.
• Corvus Insurance: Specialty cyber MGA leveraging data-driven underwriting for broker-distributed SME cyber policies — strong functional analog to Evolve's cyber-specialist, broker-channel, tech-enabled model.

Broad incumbents

• Tokio Marine HCC: Large specialty insurance group offering cyber coverage through its Cyber Security Division; competes with Evolve in the SME cyber segment but from a much broader, multi-line carrier platform.
• Beazley: Specialty insurer with one of the larger cyber books, including SME cyber via broker channels — broad incumbent overlap with Evolve in cyber liability coverage.
• Hiscox: Specialty insurer with a well-known small-business cyber offering (Hiscox Cyber Clear) distributed via brokers — overlapping SME cyber focus with Evolve.
• Chubb: Global commercial insurer with significant cyber and Tech E&O capability for SME and mid-market — broader-portfolio incumbent overlap in Evolve's primary lines.
• Travelers: Major U.S. commercial insurer with cyber and Tech E&O products distributed through independent agents — overlapping product/customer overlap with Evolve from a multi-line incumbent perspective.
• AIG: Global insurer with cyber and Tech E&O coverage capabilities across SME and mid-market — broad-line competitor to Evolve's specialty cyber portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/EvolveMGA
• YouTubeyoutube.com/channel/UCfy28TwfSn1bGCQ3bkKX8ug
• Facebookfacebook.com/evolvemga
• LinkedInlinkedin.com/company/evolve-mga
• Instagraminstagram.com/evolvemga

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Evolve MGA