“2022 was a strong year for Corvus, as we increased our cyber premiums by 80% and maintained an industry-leading loss ratio below 40%,” said Tadikonda, who maintained the company’s expectations for another year of growth ahead, as well as full venture capital funding to support that growth.
“Corvus remains highly focused on addressing cyber risk with one of the largest dedicated cyber underwriting teams in the industry, enabled by cutting-edge technology and data-driven insights,” Tadikonda said. “This year, Corvus will continue to develop the underwriting team and platform capabilities, while also expanding our presence in Europe and the UK. As the company sharpens its focus on cyber risk and its unique underwriting capabilities, we have made strategic reductions in portions of our workforce, representing a net reduction of 14%.”
Tadikonda said that Corvus had not taken the decision lightly. Everyone who remained at Corvus Insurance had deeply appreciated the hard work of their former colleagues. Vice President of Cyber Subscription Peter Hedberg said in a Linkedin post:
“[It’s] It has come to my attention that there is some unfortunate misinformation brewing in the industry. [about Corvus]. Tuesday was a tough day for us at Corvus – saying goodbye to many bright and talented flocks just because we made a structural decision in our business focus and delivery to service brokers.”
Hedberg went on to share that he, along with equally talented underwriting colleagues, were still working at Corvus, where transparency and honesty remained tenets of their business model, and that they were free to reach out with any questions about the company.
“Our structural decision to focus the Corvus business on serving brokers means we are placing a strong emphasis on continuing to grow our talented cyber underwriting team,” added Tadikonda. “Corvus has always [been], and will continue to be, focused on better serving our customers and growing the business to spread our mission to reduce the impact of cyber risk and incidents. We look forward to continuing to build our world-class business in the coming year.”
