Alan Schnitzer, chairman and CEO of Travelers, said in a release: "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." Credit: Lagunov/Adobe Stock
The Travelers Companies., Inc. is buying cyber insurance managing general underwriter Corvus Insurance Holdings, Inc. in a deal valued at approximately $435 million, according to the purchasing firm.
"Corvus' expertise in excess and surplus lines for cyber, along with our industry-leading distribution position in the admitted markets, is a powerful combination," Jeff Klenk, Travelers executive vice president and president of bond & specialty insurance, said in a release. "In addition to having the opportunity to renew Corvus' $200 million plus book of business, we will leverage Corvus' leading capabilities to enhance the return profile of our already attractive cyber portfolio."
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
