Travelers Completes Acquisition of Corvus Insurance

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.

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