What is the investment case, and what must be true for it to hold?
Soteris can extend policy-level insurance analytics into profitability decisions because it has already scored more than 100 million policy submissions covering over $180 billion in premiums, and its new product launch is designed to help P&C insurers and managing general agents identify unprofitable policies already in their books without changing rates, policy forms, regulatory filings, or staffing levels; sustained adoption of the new product remains the key condition to demonstrate.
The original loss-ratio product has been used by carriers and managing general agents since 2020.
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TEKEVER's programme ceiling is up to £400 million over ten years, so revenue per aircraft cannot be computed; fleet size and the support TEKEVER carries set the conditions for value capture. The AR5 was selected to replace the ageing Watchkeeper drones, and on 24 July 2026 the Ministry of Defence published a transparency notice announcing a direct award to TEKEVER for Project CORVUS, with the notice not the contract itself.
The initial order will be for six AR5 drones, with up to 24 delivered by 2029. Subject to contract signature and final approvals, TEKEVER will support the capability for an initial period of at least five years, with options to extend. CORVUS will anchor TEKEVER's growing UK sovereign capability across engineering, manufacturing, training and operational support.
