Acquired business brings "important cyber capabilities"
By Terry Gangcuangco
Jan 03, 2024 Share
Cyber insurance managing general underwriter Corvus Insurance is now part of insurance provider The Travelers Companies.
In an update by Travelers, the company announced the completion of its swoop for the MGU. Worth approximately US$435 million, the deal was first made public in November 2023.
Travelers chair and chief executive Alan Schnitzer said in this week’s release: “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.”
Founded in 2017, Corvus is powered by what is described as a proprietary, artificial intelligence-driven cyber risk platform that delivers distribution efficiencies to insurance agents and brokers while effectively identifying cyber vulnerabilities throughout the policy period.
What do you think about this story? Share your thoughts in the comments below.
Fetching comments… Please enable JavaScript to view the comments powered by Disqus.
LATEST NEWS
INSURANCE NEWS
Done deal: Corvus now owned by Travelers
CYBER
Beazley completes $140 million cyber catastrophe bond
CYBER
Cyber insurance should go hand in hand with cyber resilience
INSURANCE NEWS
"Insurance is an exciting industry"
