We are delighted to announce our investment in Corvus, a leading specialty insurer for commercial cyber insurance. MTech Capital participated in the company’s $33M Series B financing and will be joining the board as an Observer.
Corvus has developed a suite of cyber insurance products, including both standalone cyber and cyber bundled with other coverage types including E&O and cargo. Distribution is through brokers. To assist brokers in assessing a company’s vulnerability to cyber events and to quote and bind in minutes, Corvus has developed CrowBar. With just a few pieces of information -- name, URL, and revenue -- CrowBar analyses a businesses’ vulnerability to cyber attack and contingent cyber events (e.g. loss of cloud services) and provides a clear, jargon-lite report that identifies system weaknesses and provides actionable recommendations. And Corvus continues to provide suggestions for risk mitigation throughout a policy’s term.
Our investment decision was underpinned by Corvus’ high-caliber management team led by Phil Edmundson. Phil, who previously founded William Gallagher Associates in Boston, has 30-years’ experience in commercial underwriting and broking. Phil has assembled a very impressive team of individuals with insurance underwriting and technology talent. We were also impressed by the strong market reception of Corvus’ initial cyber products.
We are delighted to be an investor in Corvus and look forward to working with Phil and the rest of the board to support the company’s expansion. In an environment of increased remote working, cyber insurers will play an important role in protecting businesses against cyber risks.