“2022 was a strong year for Corvus as we grew our cyber premiums by 80% while maintaining an industry-leading loss ratio of less than 40%,” Tadikonda said, adding that he maintains the company’s expectations for one year of growth and full funding. Venture capital supports that growth.
“As one of the largest specialized cyber underwriting groups in the industry, Corvus is highly focused on addressing cyber risk, enabled by cutting-edge technology and data-driven insights,” Thadikonda said. “This year, Corvus will continue to build underwriting team and platform capabilities while expanding our European and UK footprint. As the company focuses on cyber risk and its unique underwriting capabilities, we have made strategic reductions to certain areas of our workforce – a net reduction of 14%.
Thadikonda said Corvus did not reach the decision lightly. All those remaining at Corvus Insurance deeply appreciate the hard work of their former colleagues. Cyber Underwriting Vice President Peter Hedberg said in a LinkedIn post:
“[It’s] It has come to my attention that there is some unfortunate misinformation floating around the industry [about Corvus]. Tuesday was a tough day for us at Corvus – as we made a structural decision to focus our business and offer services to brokers, we said goodbye to many talented, bright members of the herd.”
Hedberg said he — along with equally talented underwriting colleagues — continued to work at Corvus, where transparency and fairness were principles of its business model, and they were approachable for any questions about the company.
“Our structural decision to focus Corvus’ business on serving brokers means that we are placing greater emphasis on continuing to grow our talented Internet underwriting team,” Thadikonda said. “Corvus has always been there [been], and will continue to focus on serving our customers better and growing the business to spread our mission to reduce the impact of cyber risk and incidents. We look forward to continuing to build a world-class business in the coming year.