The Travelers Companies, Inc. has successfully concluded its acquisition of Corvus Insurance in a move that solidifies their as a key player in the cyber insurance landscape.
The acquisition is a strategic move by Travelers to bolster its cyber insurance capabilities by incorporating Corvus’ industry-leading suite of integrated cyber sales, underwriting, service, and support capabilities.
Travelers funded the acquisition through internal resources, and in November it was revealed that they agreed to purchase the firm for approximately $435m.
The deal has been described as strategically important, however the expected impact to earnings in the near term is considered immaterial.
Travelers stands as a premier provider of property casualty insurance catering to auto, home, and business sectors. As part of the Dow Jones Industrial Average, the firm boasts over 30,000 employees and generated revenues of approximately $37bn in 2022. The company remains committed to offering comprehensive insurance solutions to various sectors.
Corvus Insurance Holdings, Inc., renowned as an industry-leading cyber insurance managing general underwriter, is distinguished by its proprietary technology. Corvus has developed a robust platform focused on identifying vulnerabilities and reducing customers’ exposure to cyber events throughout the policy period. Additionally, its platform enhances distribution efficiencies for insurance agents and brokers.
Alan Schnitzer, Chairman and Chief Executive Officer of Travelers, said, “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. With a proven platform and deep cyber underwriting and risk management expertise, Corvus brings to Travelers important cyber capabilities.”
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