Corvus Insurance & SiriusPoint announce strategic investment and multi-year underwriting capacity partnership
Corvus Insurance, the leading provider of smart commercial insurance products powered by AI-driven risk data, and SiriusPoint Ltd. (“SiriusPoint”) (NYSE: SPNT), the global specialty insurer and reinsurer, announced a strategic investment and multi-year underwriting capacity partnership that will support existing and future commercial insurance product offerings. The partnership’s first program, with leading program management solution provider R&Q’s Accredited acting as the fronting insurer, focuses on Corvus’s Smart Cyber Insurance® product and builds on the company’s existing cyber operations.
This new program enables Corvus to take on primary and excess cyber liability risks for businesses earning up to $1B in gross annual revenue, with limits up to $5M. All incoming claims will be fully managed end-to-end by the Corvus in-house Claims team. Current and previous Smart Cyber Insurance® programs remain intact and separate from this new undertaking.
“Corvus is focused on making the world a safer place, and this new partnership with SiriusPoint and R&Q’s Accredited will play an integral role in extending our mission,” said Phil Edmundson, founder and CEO of Corvus Insurance. “We are excited to expand our capabilities in providing world-class smart commercial insurance products to a new generation of brokers and policyholders, and we thank our new partners for making this possible.”
With their multi-year underwriting capacity arrangement and SiriusPoint’s investment in Corvus, the companies aim to expand upon the successful track record of Corvus’s Smart Cyber Insurance® product, as well as to pursue new, differentiated commercial insurance products.
“We are delighted to announce our strategic partnership with Corvus. Cyber is a critical product to businesses as operations and assets are digitized at ever increasing speed, and it is essential that as insurers, we are responding to our client’s needs,” said Prashanth Gangu, COO and President, Insurance and Services, SiriusPoint. “SiriusPoint studied the market extensively and decided on a deep partnership and multi-year underwriting capacity arrangement with Corvus. We were impressed by the company’s underwriting performance and their innovative, analytical approaches to risk selection and loss mitigation. Corvus is aligned with SiriusPoint’s focus on agility, effective use of data, and close collaboration with brokers and policyholders — all critical in a market where risk vectors are constantly changing. We are excited about the future Corvus roadmap in terms of talent, technology, and expansion.”
“Corvus’s data- and tech-driven approach to cyber liability has been proven to meet the challenge of underwriting cyber risk and we are delighted to partner with them, alongside SiriusPoint, to enable further expansion of their leading offering” said Dawn H. Puro, Chief Underwriting Officer, Casualty of R&Q Accredited America.
SiriusPoint appoints Pierre Favre to join its international credit, bond & political risk team
SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), an international specialty insurer and reinsurer, has announced that Pierre Favre has joined the company as Senior Underwriter. Based in Zurich, Mr. Favre will report to Bernard Hoge, Vice President, Manager Credit, Bond & Political Risk Reinsurance based in Belgium. Mr. Favre will focus on developing strong relationships with brokers and clients to grow SiriusPoint’s book.
Mr. Favre has 25 years of experience as a leader in the Trade Credit and Surety reinsurance market where he had underwriting responsibility for key trade credit and surety accounts across multiple regions. He started his career with Swiss Re in 1996 before joining Aspen Re in 2008 where he played an instrumental role in building a credit and surety portfolio, acting as senior underwriter and head of underwriting operations. From 2015 through 2017 he also served as Chairman of the Credit Insurance Committee of ICISA, the International Credit and Surety Association.
Monica Cramér Manhem, President of International Reinsurance said: “We are delighted to welcome Pierre to SiriusPoint as we continue to attract high caliber, entrepreneurial talent to our business. This appointment underscores our continued commitment to developing and investing in the Credit, Bond and Political Risk portfolio. With more than 50 years as a dedicated reinsurance partner in this space, SiriusPoint is a partner that understands the product and can provide support through all market cycles.”
Specialty Re/insurer SiriusPoint Launches with More Than $3 Billion in Capital
SiriusPoint has launched as one of the first substantial re/insurers of the Class of 2020, with a robust capital structure, global platform, underwriting talent, and long-standing client and broker relationships already in place, said the company in a statement.
Sid Sankaran, CEO and chairman, SiriusPoint
“This is a strategic union of two highly complementary organizations. SiriusPoint is an opportunity to leverage our combined strengths and re-focus our organization on profitability, innovative partnerships and solutions,” said Sid Sankaran, chief executive officer and chairman of SiriusPoint.
“Our breadth of footprint combined with the ability to be nimble and responsive will be truly differentiating,” he added.
“We aspire to be a disruptive force in the industry and drive technology innovation – with skilled underwriting at the core of everything we do. We have set a goal to challenge the status quo and define new ways of conducting business with diversity of thought and expertise. I am very excited about our future. We are building a company and a culture we can be proud of.”
SiriusPoint is built around a global platform that provides insurance and reinsurance solutions services to clients and brokers in almost 150 countries with access to admitted and non-admitted paper in Europe, the U.S., Bermuda, and Lloyd’s of London. A new division, Insurance and Services, has been formed to seek out strategic investment and partnership opportunities.
SiriusPoint’s insurance lines include environmental, property, energy, workers compensation, and aviation and space. The company’s reinsurance lines include life, accident and health, property, marine and energy, casualty, aviation and space, and credit and bond. SiriusPoint also offers runoff solutions.
SiriusPoint also announced the appointment of two new members to its board of directors:
– Franklin (Tad) Montross is the former chairman and chief executive officer of General Reinsurance, a Berkshire Hathaway owned company, and held responsibility until 2016 for global underwriting policies, practices and protocols, as well as its actuarial and risk management areas.
– Sharon M. Ludlow is a seasoned C-suite executive and corporate director, with more than 25 years’ experience in the life and health, and property and casualty reinsurance and insurance industries. During the course of her career, Ludlow served as president and CEO of the Canadian operations of Swiss Re and as President of Aviva Insurance Company of Canada.
As previously announced, Rachelle Keller, a director of Sirius Group, and Peter W. H. Tan from CM Bermuda Ltd., are also joining SiriusPoint’s board of directors. The remaining members of the board will transition from their equivalent roles at Third Point Re.
Source: SiriusPoint Ltd.