InsuranceERM Annual Awards 2024 - UK & Europe

Managing general agent of the year: Corvus

Corvus Insurance, a Boston-headquartered managing general agent (MGA) that specialises in cyber risk, scoops this year's inaugural MGA category in the InsuranceERM awards.

Corvus was founded in 2017 with the aim to make cyber more insurable against a backdrop of increasingly emboldened threat actors.

Since then, the MGA has developed data-driven insurance products and solutions to stay ahead of evolving risks and strengthen policyholder defences.

What sets Corvus apart from others is its proprietary AI-based approach that it says reduces risk, increases transparency and improves resilience for policyholders and programme partners.

Building on this, Corvus tells InsuranceERM that 2023 was a big year for the company, with new tools and solutions that are able to proactively react to the increasingly fast developing cyber risk landscape.

For example, last year, Corvus launched its Corvus Risk Navigator, a cyber underwriting platform, and the risk prevention tools Corvus Signal and Corvus Signal Endorsement.

The Corvus Signal tool, for example, provides actionable remediations and quantifies the value of policy controls. Corvus says the solution is the only one shown to reduce the impact of cyber incidents by 20% through risk insights, advisory services and on-demand tools.

Last November, Corvus's success was recognised further with its acquisition by US insurer Travelers. Chief executive Alan Schnitzer said the deal allows Travelers to accelerate its access to "cutting-edge cyber capabilities".