Overview
Evolve MGA is a cyber insurance managing general agent (MGA) with full underwriting authority, distributing coverage to small and medium enterprises (SMEs) through a network of over 3,000 retail insurance brokers across the United States. Founded in 2015 in San Diego, California, the company is led by brothers Michael and Patrick Costello, fourth-generation insurance professionals.
Evolve underwrites cyber liability and technology errors and omissions insurance, supported by Lloyd's of London capacity through its parent, Nexus Underwriting, which acquired the company in July 2023. The company offers cyber risk exposures up to USD 250M for most classes, with select classes extending to USD 500M, and distributes the Evolved NexGen cyber policy in all 50 U.S. states.
The company serves approximately 6,000 policyholders through its broker distribution channel. Evolve has won the Cyber MGA of the Year award three times and has been nominated for four consecutive years.
Products & Services
Cyber Liability Insurance
Comprehensive cyber liability coverage for SMEs with cyber risk exposures.
Key Features
- Forensic investigation coverage
- Breach response support
- Cyber extortion protection
- Up to USD 250M limits for most classes; USD 500M for select classes
Target Users: Small and medium enterprises with cyber risk exposures
Distribution: Retail insurance brokers
Tech Errors and Omissions Insurance
Professional liability insurance for technology companies and service providers.
Key Features
- Protection against errors and omissions claims
- Professional liability for technology services
- Tailored for tech sector risks
Target Users: Technology companies and IT service providers
Distribution: Retail insurance brokers
Evolved NexGen Cyber Policy
Cyber policy backed by Lloyd's of London, available across all 50 U.S. states following the 2023 Nexus acquisition.
Key Features
- Full cyber liability protection
- Lloyd's of London capacity
- Available nationwide in all 50 states
Target Users: SMEs seeking comprehensive cyber coverage with Lloyd's backing
Distribution: Retail insurance brokers