Exclusive: Axis recruits Corvus’ Palumbo to replace Tenenbaum as NA head of cyber claims

By James Thaler, Isha Marathe

Feb 21 - (The Insurer) - Axis has hired Jaime Palumbo from Travelers-owned cyber insurtech MGA Corvus as the Bermuda-based insurer's new North America head of cyber claims, replacing Scott Tenenbaum, who recently joined Resilience in a similar role.

Boston-based Palumbo originally joined Corvus in September 2022 as a vice president for claims, before last month being named cyber managing director and counsel with Travelers.

Travelers’ $435 million acquisition of Corvus was announced in November 2023 and completed in January 2024.

Palumbo’s most recent tenure with Corvus marked her second stint with the company, having previously worked there as director of smart cyber claims for about a year through July 2021, before spending a little over a year with Chubb as an AVP for cyber claims.

She previously spent six years at AIG and worked at a law firm before that.

In her role with Axis, she will be based out of the company’s Red Bank, New Jersey office and will report to the firm’s head of North American professional lines claims, Jennifer Jacobson.

Tenenbaum had led North America cyber claims for Axis before joining Resilience in the same role this past December.

Palumbo’s exit is the latest notable departure from Corvus.

In January, senior underwriter Gino Franco left Corvus' Denver office to join CRC Group, and in July last year, president Prashanth Gangu exited the firm months after the completion of the deal with Travelers.

Axis has been calibrating its cyber strategy while maintaining its commitment to cyber as it reshapes its portfolio.

In September 2024, Axis ended its partnership with CFC as a result of “diverging strategies”, with the Bermudian (re)insurer looking to deleverage its delegated underwriting cyber business and expand its middle market and large accounts, Cyber Risk Insurer reported.

Following the end of the CFC partnership, Axis CEO Vince Tizzio said the company remains “a long-term participant” in the cyber insurance market.

He added that the company feels “really good” about its momentum in the segment even though its written premium in the sector may come down in the near term as it reshapes its portfolio, Cyber Risk Insurer reported in October 2024.

Axis and Corvus did not immediately respond to requests for comment.