US cyber insurtech Corvus agrees $435m sale to Travelers
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.”
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