The Travelers Cos. completed its previously announced acquisition of Corvus Insurance Holdings Inc., a cyber insurance managing general underwriter.
The $435 million acquisition was first announced in November 2023, which Travelers said would boost its middle-market excess and surplus lines presence.
“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,” said Alan Schnitzer, chairman and CEO of Travelers. “With a proven platform and deep cyber underwriting and risk management expertise, Corvus brings to Travelers important cyber capabilities.”
Travelers, which funded the acquisition through internal resources, has more than 30,000 employees and generated revenues of approximately $37 billion in 2022.
Corvus’ artificial intelligence-driven platform identifies vulnerabilities throughout the policy period to reduce customers’ exposure to cyber events, and it delivers distribution efficiencies to insurance agents and brokers. Late last year, Corvus released a report that found ransomware attacks are up globally more than 95%.
The move comes following a September 2023 announcement that Travelers would serve as a capacity provider for Corvus products in the U.S. starting Oct. 1. The companies reached a similar agreement in 2022 for the European market.
Topics Mergers & Acquisitions