US cyber insurtech Corvus agrees $435m sale to Travelers

Madhu Tadikonda praised the two firms' 'complementary cultures and commitment to innovation'
US cyber insurtech Corvus Insurance has agreed a significant US$435m sale to P&C insurance giant Travelers, which is expected to close next year

Cyber insurtech Corvus Insurance has agreed to a US$435m deal to be acquired by P&C insurance giant Travelers.

Founded in 2017, Corvus is a leading cyber insurance managing general underwriter that uses a proprietary AI-driven cyber risk platform to help customers identify vulnerabilities, thus reducing their exposure to cyber events. It is led by Madhu Tadikonda, who has experience at AIG and Oliver Wyman; and was founded by Phil Edmundson and Mike Lloyd.

Travelers, which has approximately 30,000 employees and generates revenues in excess of US$35bn a year, will fund the acquisition from internal resources. The acquisition is subject to the usual regulatory approvals and is expected to close in the first quarter of next year.

Corvus contributes to Travelers’ ‘cutting-edge cyber capabilities’

“We continue to make thoughtful investments in strategic capabilities that advance our innovation agenda,” explains Alan Schnitzer, Chairman and Chief Executive Officer of Travelers.

“This transaction accelerates our access to cutting-edge cyber capabilities that were on our strategic roadmap, including sophisticated underwriting algorithms, advanced cyber vulnerability scanning and digital connectivity to customers and distribution partners.”

Jeff Klenk, Executive Vice President and President of Bond & Specialty Insurance at Travelers, continues: “Corvus’ expertise in excess and surplus lines for cyber, along with our industry-leading distribution position in the admitted markets, is a powerful combination. In addition to having the opportunity to renew Corvus’ $200m+ book of business, we will leverage Corvus’ leading capabilities to enhance the return profile of our already attractive cyber portfolio.

“We have a strong working relationship with the Corvus team through our existing cyber capacity arrangements in the United States and Europe, and we are thrilled to have them join the Travelers family.”

Madhu Tadikonda, Chief Executive Officer of Corvus, adds: “At Corvus we have been building a safer world through cyber insurance products and digital tools that reduce risk and improve resilience for policyholders. We are excited for the opportunity to contribute our capabilities and knowledge to Travelers. Our complementary cultures and strong commitment to innovation make this transaction an excellent fit.”

******

For more insights from InsurTech Digital, you can see our latest edition of InsurTech Digital here, or you can follow us on LinkedIn and Twitter.

You may also be interested in our sister site, FinTech Magazine, which you can also follow on LinkedIn and Twitter.

******

BizClik is a global provider of B2B digital media platforms that provides executive communities for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare, and Food & Drink.

BizClik – based in London, Dubai, and New York – offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events.

Share

Featured Articles

The Uncertain Future of Wefox: Mubadala’s Internal Dispute

Uncertainty is looming at once high flying European insurtech Wefox, with lead investor Mubadala considering deal with rival Ardonagh

IMG and Teladoc Expand Telehealth Services for Travellers

IMG and Teladoc Health expand partnership to enhance telehealth services for travellers, offering round-the-clock access to medical professionals worldwide

UHG CEO Witty Admits Hack hit Third of US Citizens' Data

US congressional hearing learns from UnitedHealth Group CEO Andrew Witty that Change Healthcare cyberattack compromised data of third of the US population

Allianz Announces Partnership With Clearspeed

Insurtech

Milliman Arius: Reserve Analysis with an End-to-End Solution

Insurtech

Allstate: BCG Partner Harnesses Gen AI to Transform CX

Technology & AI