Corvus Insurance recently made layoffs impacting a swath of U.S. employees, while also stating its intention to expand its European and UK footprint.
The Boston-based insurance-tech startup has reduced its workforce by 14%, according to a statement from CEO Madhu Tadikonda. It was not immediately clear how many employees the company currently has, nor where the layoffs were targeted.
In a list published by the Boston Business Journal in September, Corvus was ranked the ninth largest fintech company in Massachusetts by the total number of employees statewide. At the time, Corvus reported having 284 employees across all of its offices and 75 in Massachusetts.
Corvus was part of the Massachusetts’ insurtech boom several years ago which saw companies in this sector raise significant capital — more than 40% of the total that had been raised by the sector in the Bay State in the first two decades of the 21st century.
In 2022, Corvus acquired a London-based underwriting company. This was the company’s first international acquisition. Its first U.S. acquisition was made in August 2021 and involved the Maryland-based insurtech firm Wingman Insurance. In 2021 the company also raised $115 million in a Series C round.
Corvus was founded in 2017 and is backed by Bain Capital Ventures, Hudson Structured Capital Management and .406 Ventures.
Tadikonda said Corvus was “fully funded with risk capital” to support its growth plans. He said 2022 was a strong year in which the company grew its cyber premiums by 80% and had a loss ratio below 40%.
“This year, Corvus will continue to build the underwriting team and platform capabilities while also expanding our European and UK footprint. As the company sharpens focus on cyber risk and its unique underwriting capabilities, we have made strategic reductions to parts of our workforce,” Tadikonda said.
A spreadsheet called “Corvus Alumni Layoff List” began circulating on LinkedIn following the layoffs. At the time of publication, 27 former employees had added themselves to the list. Their functions ranged from design to software engineering to recruiting. Impacted employees were based around the U.S., including several employees who listed their location as Boston.
Corvus did not respond to a question from BostInno regarding the locations of the teams impacted by the recent layoffs.
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