Travelers to acquire Corvus Insurance for $435M

Travelers announced that it has agreed to acquire Corvus Insurance for approximately $435M. Founded in 2017, Corvus is a cyber insurance managing general underwriter, powered by proprietary technology. Powered by a proprietary, AI-driven cyber risk platform, Corvus has developed a suite of integrated cyber sales, service and support capabilities. The Corvus team has expertise in the cyber product line and a presence in the middle-market excess and surplus cyber insurance marketplace, serving both wholesale brokers and large retail producers. Through its platform, Corvus effectively identifies vulnerabilities throughout the policy period to reduce customers’ exposure to cyber events. Corvus’ platform also delivers distribution efficiencies to insurance agents and brokers. Driven by its proven technology and dynamic team, Corvus has grown its business at attractive loss ratios. Travelers will fund the transaction from internal resources. The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals and other customary closing conditions. While the acquisition is strategically important, the expected impact to earnings in the near term is immaterial.