Cyber underwriter Corvus Insurance has announced several initiatives to expand its underwriting scope and enhance cyber services for policyholders.
For its Smart Cyber Insurance product, which covers primary and excess policies, Corvus has doubled its limit offering to $10 million for aggregate covered losses and raised the annual revenue limit to $5 billion for companies it will offer coverage.
Additionally, Corvus has increased its underwriting appetite for businesses with less than $30 million in annual revenue, with a focus on the sub-$10 million segment.
The revised limits and revenue guidelines are available across a broad set of business classes. All Corvus products are now also written on Travelers Excess and Surplus Lines paper.
"Our ability to use data and the skill of our underwriting team to underwrite effectively across segments and sizes of business through varying market conditions sets us apart, Corvus Insurance chief underwriting officer Mike Karbassi said. “Having transitioned to Travelers paper for our core cyber and tech E&O products earlier this year, we’re excited to increase the scope of businesses we can now write.”
Corvus Insurance offers insurance products in the US, Middle East, Europe, Canada, and Australia. Corvus Insurance, Corvus London Markets, and Corvus Germany are the marketing names for Corvus Insurance Agency, LLC; Corvus Agency Limited; and Corvus Underwriting GmbH.
In March, the cyber specialist also unveiled an updated policy renewal process aimed at enhancing efficiency and convenience for brokers.
This enhanced process includes an application-free, click-and-bind renewal option for certain accounts, the company said in a release, which would eliminate the need to answer repetitive application questions.
What are your thoughts on this story? Please feel free to share your comments below.
