Travelers to acquire Corvus Insurance

Corvus is a cyber insurance managing general underwriter powered by proprietary technology. It has developed a suite of integrated cyber sales, service and support capabilities powered by a proprietary, AI-driven cyber risk platform. The Corvus team has extensive expertise in the cyber product line and a strong presence in the middle-market excess and surplus cyber insurance marketplace, serving wholesale brokers and large retail producers.

Alan Schnitzer, chairman and chief executive officer of Travelers, comments: “This transaction accelerates our access to cutting-edge cyber capabilities that were on our strategic roadmap, including sophisticated underwriting algorithms, advanced cyber vulnerability scanning and digital connectivity to customers and distribution partners.”

Corvus has developed a suite of integrated cyber sales, service and support capabilities powered by a proprietary, AI-driven cyber risk platform. The Corvus team has extensive expertise in the cyber product line and a strong presence in the middle-market excess and surplus cyber insurance marketplace, serving wholesale brokers and large retail producers.

Through its platform, Corvus effectively identifies vulnerabilities throughout the policy period to reduce customers’ exposure to cyber events. Corvus’ platform also delivers distribution efficiencies to insurance agents and brokers. Driven by its proven technology and dynamic team, Corvus has grown its business at attractive loss ratios.

“Corvus’ expertise in excess and surplus lines for cyber, along with our industry-leading distribution position in the admitted markets, is a powerful combination,” says Jeff Klenk, executive vice president and president of bond & specialty insurance at Travelers. “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.

“We have a strong working relationship with the Corvus team through our existing cyber capacity arrangements in the United States and Europe, and we are thrilled to have them join the Travelers family.”

Travelers will fund the transaction from internal resources. The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals and other customary closing conditions.