Investment firms FinTLV and Aquiline Technology Growth aim to further drive Corvus’s safer world mission.
BOSTON (May 26, 2021) -- Corvus Insurance, a leading provider of smart commercial insurance products powered by AI-driven risk data, today announced it has secured extensions to its recent Series C funding, led by venture capital firms FinTLV and Aquiline Technology Growth (ATG). These latest investments will add to Corvus’s three rounds of venture capital previously announced — including its $100M Series C funding — bringing Corvus’s overall funding to $162M.
Corvus’s broker-focused approach uses AI and machine learning to analyze unique and proprietary sets of data to better predict and prevent loss. This novel approach helps policyholders, brokers, underwriters, and reinsurers incorporate data science into the dynamic commercial insurance marketplace. As Corvus continues to build on its mission of creating a safer world, the company is leaving a lasting impression on its brokers and policyholders, garnering a strong broker net promoter score (NPS) score of 82.
“The best InsurTech success stories are the companies that actually understand the insurance business, and in particular, distribution. Corvus has a strong team that truly understands the commercial insurance business. We feel that Corvus is best positioned to succeed in the space because of its approach, its underwriting technology, and its ability to execute with a distribution-first partnership with brokers, enabling the brokers to sell complex policies to growing businesses,” said Mark Chess, Managing Partner at FinTLV.
As the InsurTech market continues to flourish, Aquiline Technology Growth, which has invested in many insurance technology firms, recognized a strong opportunity with Corvus.
“At the outset, cyberattacks are the biggest emerging risk within the commercial insurance landscape and Corvus is a category leader in providing smart cyber insurance to protect against that risk,” said Max Chee, head of ATG. “We’re excited to help the Corvus team as the company further expands its capabilities and products. Their deep understanding of evolving cyber threats, coupled with proactive engagement with the policyholder for prevention and risk management, gives them a superior offering in the marketplace.”
“We have the opportunity here to really reimagine commercial insurance. The addition of FinTLV and Aquiline Technology Growth as investors will allow us to continue scaling, increase our share of the market, and enter new commercial lines. We’ve been presented with an opportunity to increase our impact and make the world a safer place, and we’re grateful to our new investors for the value and expertise they will bring,” said Phil Edmundson, Founder & CEO of Corvus.
FinTLV is a global InsurTech-focused fund. It partners with the best InsurTech and FinTech companies through all phases, with a bias towards later-stage deals. Its recent investments include leading or participating in investment rounds in some of the most prominent companies in these fields including Hippo Insurance, Next Insurance, Unqork, and Corvus. The firm works closely with management teams and leverages its broad global network of insurance, re-insurance, and InsurTech companies to support its portfolio companies. The fund’s limited partners include some of the world’s leading insurance companies. For more, visit http://fintlv.com/.
Aquiline Technology Growth (ATG) seeks to invest in early- and growth-stage technology companies that are bringing innovation to the insurance and financial services ecosystems. ATG is managed by Aquiline Capital Partners, a private investment firm based in New York and London investing in businesses globally across the financial services and technology sector. The ATG team has experience in technology and financial services and is supported by its colleagues at Aquiline, strategic partners, and an active group of industry Executive Advisors. For more information on ATG, visit: www.aquiline.com.
Corvus Insurance, a wholly owned subsidiary of The Travelers Companies, Inc., is building a safer world through insurance products that help to reduce cyber risk for policyholders. Corvus Insurance's Smart Cyber Insurance® and Smart Tech E+O® products include broad coverage, in-house claims handling, and risk prevention services that help prevent cyberattacks through threat alerts for policyholders and the partnership of our in-house cybersecurity experts.
Corvus Insurance offers insurance products in the U.S., Middle East, Europe, Canada, and Australia. Corvus Insurance, Corvus London Markets, and Corvus Germany are the marketing names used to refer to Corvus Insurance Agency, LLC; Corvus Agency Limited; and Corvus Underwriting GmbH. All entities are subsidiaries of Corvus Insurance Holdings, Inc. For more information, visit corvusinsurance.com.
Contact:
Kerry Pillion
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