The Travelers Companies (Travelers) is to acquire Corvus Insurance Holdings for approximately US$435 million. The transaction is expected to close in the first quarter of 2024.
Founded in 2017, Corvus is a cyber insurance managing general underwriter, powered by an AI-driven proprietary technology. It has developed a suite of integrated cyber sales, service and support capabilities.
The Corvus team has a presence in the middle-market excess and surplus cyber insurance marketplace, serving both wholesale brokers and large retail producers.
Through its platform, Corvus identifies vulnerabilities throughout the policy period to reduce customers’ exposure to cyber events. It also delivers distribution efficiencies to insurance agents and brokers.
Alan Schnitzer, chairman and CEO of Travelers, comments: “This transaction accelerates our access to cyber capabilities that were on our strategic roadmap, including underwriting algorithms, advanced cyber vulnerability scanning and digital connectivity to customers and distribution partners.”
