Property and casualty insurer, The Travelers Companies, Inc. has completed its previously announced acquisition of Corvus Insurance Holdings, Inc.
As stated in the announcement in November 2023, Travelers acquired the cyber insurance managing general underwriter for approximately $435 million.
Travelers had previously disclosed that it would fund the transaction from internal resources.
Alan Schnitzer, Chairman and Chief Executive Officer, Travelers, commented on the transaction, “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.”
The two companies have a long-standing history of collaboration. In September 2023, Corvus expanded its relationship with Travelers, in which the primary insurer would serve as a capacity provider for Corvus products in the United States, starting October 1, 2023.
Meanwhile, in 2022, the two companies announced a similar arrangement in the continental European market, where Travelers backed the Corvus Smart Cyber Insurance offering.
Corvus has developed a suite of integrated cyber sales, underwriting, service and support capabilities.
Through its platform, Corvus effectively identifies vulnerabilities throughout the policy period to reduce customers’ exposure to cyber events.
