Travelers supercharges cyber arsenal with $435m Corvus swoop
Cyber managing general underwriter Corvus Insurance is now officially a part of The Travelers Companies. The deal, valued at approximately $435 million, was financed using internal resources.
Travelers has completed its previously announced acquisition of Corvus Insurance Holdings.
“We have forged a strong strategic partnership with the talented team at Corvus over the past year, and we are pleased to officially welcome them to the Travelers family,” said Alan Schnitzer (pictured left), chairman and chief executive officer of Travelers. “With a proven platform and deep cyber underwriting and risk management expertise, Corvus brings to Travelers important cyber capabilities.”
Jeff Klenk, executive vice president and president of bond & specialty insurance at Travelers, highlighted the compelling synergy created by Corvus’ expertise in excess and surplus lines for cyber, combined with Travelers’ distribution in the admitted markets.
When the acquisition was first announced in November, Klenk said: “In addition to having the opportunity to renew Corvus’ $200+ million book of business, we will leverage Corvus’ leading capabilities to enhance the return profile of our already attractive cyber portfolio.”
Corvus has developed an suite of integrated cyber sales, underwriting, service and support capabilities. Through its proprietary, AI-driven cyber risk platform, Corvus identifies vulnerabilities throughout the policy period to reduce customers’ exposure to cyber events. Corvus’ platform also delivers distribution efficiencies to insurance agents and brokers.
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