Corvus Insurance
“Can AI-driven cyber risk scanning become the underwriting engine for the world's largest commercial cyber insurer?”
Founded2017
HQBoston, MA
Total raised$162M (pre-acquisition)
Latest roundAcquired by Travelers, Nov 2023 (~$435M)
Valuation$435M (acquisition price)
IndustryFintech / Insurtech
The story
Corvus was founded in 2017 as a data-driven MGA writing Smart Cyber Insurance and Smart Tech E&O, backed by an AI cyber-risk scanning platform (CrowBar / Cyber Risk Dashboard). It scaled through wholesale broker API distribution partnerships and raised $162M before being acquired by Travelers in November 2023 for ~$435M. Post-acquisition, Corvus has been folded into Travelers' specialty cyber underwriting operation, with policies now written on Travelers surplus lines paper and privacy/terms served from travelers.com.
Last 12 months
Product timeline
2017
Founded as an AI-driven commercial cyber insurance MGA.· launch
2019
Series B ($32M) led by Telstra Ventures.· funding
2020
Launched Corvus Enterprise API for wholesale broker distribution partnerships.· product
2021
$100M Series C led by Insight Partners at $750M valuation.· funding
2023
Acquired by The Travelers Companies for ~$435M.· acquisition
2024
Rebranded as 'Corvus by Travelers'; underwriting moved to Travelers surplus lines paper.· pivot
Regulated entities
1
regulatory licence held by Corvus Insurance
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
1 layer disclosed in Corvus Insurance’s embedded-finance stack
Insurance
Corvus Insurance Agency (in-house MGA)Travelers Excess and Surplus Lines Company (in-house carrier)Accredited Specialty Insurance Company (legacy carrier paper)
Accounting gap: none