Corvus’ artificial intelligence (AI)-driven platform is designed to continuously monitor and identify potential vulnerabilities. Credit: NicoElNino/Shutterstock.

The Travelers Companies (Travelers) has concluded the acquisition of Corvus Insurance, a managing general underwriter (MGU) specialising in cyber insurance.  

As per the initial announcement in November 2023, the deal was valued at around $435m. 

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Established in 2017, Corvus utilises proprietary AI technology to offer sales, underwriting, service and support in the cyber insurance sector. 

The MGU serves a broad range of clients including wholesale brokers and major retail producers. 

It is said to have a strong presence in middle-market excess and surplus business lines. 

Corvus’ AI-driven platform is designed to continuously monitor and identify potential vulnerabilities, aiming to mitigate the risk of cyber incidents for policyholders.  

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Through its platform, the cyber insurer also streamlines the distribution process for insurance agents and brokers.  

Besides the US, Corvus offers insurance products in the Middle East, Europe, Canada and Australia. 

The acquisition by Travelers was financed through the company’s internal resources.

Travelers chairman and CEO Alan Schnitzer said: “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.” 

Headquartered in New York, US, Travelers is engaged in offering property casualty insurance for auto, home and businesses. 

The acquisition built on the existing partnership between the two companies.  

In September 2023, Travelers and Corvus expanded the alliance, which saw the former act as the capacity provider for the cyber insurer’s offerings in the US. 

In 2022, they formed a similar capacity partnership focused on the continental European market.