Corvus said Thursday that its acquisition of Wingman will give it access to Wingman’s platform for cybersecurity and technology errors and omissions coverage. The move enables Corvus to expand into admitted markets in all 50 states and Washington, D.C., the carrier said in a statement. Corvus will continue to offer its own coverage.
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Details on the valuation and terms of the deal were not immediately available.
Phil Edmundson, CEO of Corvus, said the acquisition was a milestone for the carrier.
“By expanding our footprint in the small and midsize business market and creating the ability to white label our solutions as we further explore multiple product lines, this addition creates new opportunities for Corvus as we launch an acquisition strategy and continue organic growth,” Edmundson said in a statement Thursday.
G. Philip Feldman, CEO of Wingman Insurance, said he was looking forward to helping change the insurance industry through technology and data science.
“Corvus and Wingman share a like-minded philosophy around the need to create technology and software that empower brokers with intuitive tools that reduce administrative work and provide insight to better understand and inform their clients on complex risks,” he said in the Corvus statement announcing the deal.
Boston-based Corvus uses artificial intelligence technology in its underwriting process when determining quotes for coverage lines that include cyber excess, cyber reinsurance, and errors and omissions, according to the insurer. Earlier this year, it raised $115 million in venture capital funding from private equity firm Insight Partners.
In its statement, the carrier said it planned to double its workforce this year.
In June, the carrier added a new chief insurance officer and a general counsel from Zurich Insurance. Lori Bailey joined the company as its chief insurance officer and Kori Johanson as general counsel, together bringing decades of industry experience.
Bailey, who was most recently the global head of cyber risk for Zurich, said that advancing cyber insurance has been a focus of her work as global cyber threats have evolved, especially as work-from-home arrangements increased during the pandemic.
Johanson most recently worked as the chief compliance officer and associate general counsel for IFG Cos. Working in professional lines and surplus lines of insurance, she helped to launch an ID fraud policy, calling it the beginning of modern cyber insurance.
Source: Law 360
