The Travelers Companies has officially sealed the deal on acquiring Corvus Insurance Holdings, Inc., a cyber liability insurance managing general underwriter known for its cutting-edge proprietary technology.
Alan Schnitzer, Chairman and CEO of Travelers, expressed satisfaction with the partnership forged with Corvus over the past year. The completion of the acquisition marks the official integration of Corvus into the Travelers family. Schnitzer highlighted the significance of Corvus’ proven platform and expertise in cyber underwriting and risk management. “With a proven platform and deep cyber underwriting and risk management expertise, Corvus brings to Travelers important cyber capabilities,” he said.
Corvus has distinguished itself with an industry-leading suite of integrated cyber sales, underwriting, service, and support capabilities. The proprietary platform stands out for its ability to identify vulnerabilities throughout the policy period. Thus reducing customers’ exposure to cyber events. Furthermore, Corvus’ platform streamlines processes for insurance agents and brokers, enhancing distribution efficiencies.
The acquisition, funded entirely through internal resources, showcases Travelers’ commitment to strategic growth and innovation in the evolving landscape of cyber insurance. Travelers aim to leverage its newfound cyber capabilities to address the emerging challenges in the cyber risk landscape.
Travelers is a leading provider of property casualty insurance for auto, home, and business. They have a workforce of over 30,000 employees and generated approximately $37 billion in revenues in 2022. The successful completion of the Corvus acquisition positions Travelers as a stronger force in the cyber insurance market.
Source: Travelers Completes Acquisition of Corvus Insurance