Corvus raises $100 million in Series C
Boston-based Corvus Insurance , the commercial insurance MGA leveraging big data, has secured $100 million in a Series C funding round led by Insight Partners, increasing Corvus’s valuation to $750 million. To date, the company has raised $147 million. As part of the transaction, Insight Partners’ Managing Director Deven Parekh will join the Corvus Board of Directors, and Principal David Spiro will join as a Board Observer.
Founded in 2016, Corvus’ broker-focused approach utilizes its AI capabilities to analyze sets of data to better predict and prevent loss. This approach helps policyholders, brokers, underwriters, and reinsurers incorporate data science into the commercial insurance marketplace. With this latest round of funding, Corvus, which grew Gross Written Premium 250% in 2020 and exited January at a $120 million annual premium run rate with an average policy size of $9,000, has plans to double its headcount in 2021.
“Corvus is uniquely positioned to acquire a significant share of the commercial insurance market due to our software, data science playbooks, and team. Our proven ability to extract actionable insights from novel data using AI and then apply those insights to improve our underwriting, the broker/client experience, and loss prevention for our policyholders will enable us to continue to grow in a fast and scalable way across many product lines.” – Mike Lloyd, Co-founder and Chief Product Officer at Corvus.
“Commercial insurance is in the early stages of embracing data science and AI to better distribute and underwrite policies. Corvus is leading the way by building a foundation in cyber insurance with a world-class team, transformative product, and ambitious vision. We are excited to partner with the Corvus team and support them in their next phase of growth.” – Deven Parekh, Managing Director at Insight Partners.
“At Corvus, we are employing the power of data to build insurance products that result in a safer world. During these times of unprecedented cyber attacks, we are arming brokers and their policyholders with the most intuitive tools and capabilities to mitigate risks for companies of all sizes. With the biggest fundraising round of a cyber insurance company to date, we will continue to realize our vision in making our world a safer place.” – Phil Edmundson, founder and CEO of Corvus.