“With this agreement, Corvus became the first US cyber-insurtech to acquire an underwriting platform in London, instantly offering global underwriting capabilities and a partnership with Lloyd’s cyber insurance capability,” noted Beat and Corvus in separate announcements.
The change in ownership will see Tarian, which started in 2016, renamed Corvus Underwriting Limited.
“We founded Tarian as a team with extensive market experience who saw an opportunity to become a leader in the cyber insurance market,” said Managing Director Geoff Pryor-White.
“We got off to a good start with Beat and when we become a member of Corvus, with access to its data-driven insurance technologies, we can continue our founding mission and support our policyholders as a dynamic team. “
Corvus, which leverages artificial intelligence-based risk data, is described as a provider of smart insurance products and digital tools aimed at reducing risk, increasing transparency and improving resilience. Tarian, on the other hand, is a specialist underwriter of computer and technology errors and omissions insurance products.
Commenting on the acquisition, Corvus Founder and CEO Phil Edmundson said, “Corvus is now the global leader in cyber-insurtech. By bringing Tarian into the fold of Corvus, we are expanding our international presence in Europe, Africa and Australia with a team of experienced and proven underwriters.
“Tarian has increased its capacity for 2022, which is a testament to its discipline and underwriting strategy. We are excited to continue this growth and involve the entire Tarian team as they share our mission to make the world a safer place. “
Meanwhile, Beat chairman John Cavanagh said they were happy to support the deal.
He said, “The Beat Companies are built around the best underwriting talent, and Tarian was one of our very first investments. We are pleased to support the acquisition of Tarian by Corvus.
“We recognize that in the dynamic world of cyber insurance, the importance of combining underwriting talent with technology investment has become increasingly evident. The data-driven cyber technologies of Corvus’ risk aggregation platform will provide Tarian’s team with best-in-class technology to support its differentiated underwriting proposition.