The acquisition of Corvus Insurance Holdings Inc. by The Travelers Cos. has been successfully concluded. The $435 million transaction, initially disclosed in November 2023, is aimed at enhancing Travelers’ presence in the middle-market excess and surplus lines. Alan Schnitzer, Chairman and CEO of Travelers, expressed satisfaction with the established strategic partnership with Corvus, stating, “With a proven platform and deep cyber underwriting and risk management expertise, Corvus brings to Travelers important cyber capabilities.”
Funded internally by Travelers, a company boasting over 30,000 employees and generating approximately $37 billion in revenue in 2022, the acquisition is a significant step forward. Corvus is recognized for its artificial intelligence-driven platform, which identifies vulnerabilities throughout the policy period to mitigate customers’ exposure to cyber events. Additionally, it enhances distribution efficiencies for insurance agents and brokers. A report released by Corvus late last year highlighted a global increase of more than 95% in ransomware attacks.
The completion of this acquisition follows Travelers’ announcement in September 2023 that it would serve as a capacity provider for Corvus products in the U.S. starting Oct. 1. A similar agreement was reached in 2022 for the European market, solidifying the collaboration between the two companies.
Why get your Travelers Insurance policy through an independent broker such as Eugene C Yates Insurance Agency
Getting your Travelers Insurance policy through an independent broker, such as Eugene C Yates Insurance Agency, can offer several advantages:
1. Choice of Policies: Independent brokers typically work with multiple insurance carriers, giving you access to a variety of policies. This allows you to compare different coverage options and find a policy that best suits your needs and budget.
2. Customization: Independent brokers can help tailor insurance policies to your specific requirements. They have the flexibility to customize coverage limits, deductibles, and other policy features to match your unique situation.
3. Objective Advice: Independent brokers don’t work for a specific insurance company, so their advice is generally unbiased. They can provide you with objective recommendations based on your needs and priorities rather than pushing a specific product.
4. Personalized Service: Independent brokers often offer a higher level of personalized service. They can assist you in understanding complex insurance terms, guide you through the claims process, and help you make informed decisions about your coverage.
5. One-Stop Shopping: Instead of contacting multiple insurance companies individually, you can simplify the process by working with an independent broker who can provide quotes and information from various insurers in one place.
6. Advocacy During Claims: In the event of a claim, an independent broker can act as your advocate, working on your behalf to ensure a fair and prompt resolution. They can help you navigate the claims process and communicate with the insurance company on your behalf.
7. Risk Assessment: Independent brokers can help assess your specific risks and recommend appropriate coverage. They can identify potential gaps in coverage and suggest adjustments to better protect you from financial loss.
8. Continued Support: Your relationship with an independent broker doesn’t end once you purchase a policy. They can provide ongoing support, review your coverage periodically, and make adjustments as your circumstances change.
In summary, choosing an independent broker like Eugene C Yates Insurance Agency for your Travelers Insurance policy can offer you more options, personalized service, and unbiased advice throughout the insurance process.