The Vacationers Corporations (Vacationers) has concluded the acquisition of Corvus Insurance coverage, a managing normal underwriter (MGU) specialising in cyber insurance coverage.
As per the preliminary announcement in November 2023, the deal was valued at round $435m.
Established in 2017, Corvus utilises proprietary AI know-how to supply gross sales, underwriting, service and help within the cyber insurance coverage sector.
The MGU serves a broad vary of purchasers together with wholesale brokers and main retail producers.
It’s stated to have a robust presence in middle-market extra and surplus enterprise traces.
Corvus’ AI-driven platform is designed to repeatedly monitor and establish potential vulnerabilities, aiming to mitigate the danger of cyber incidents for policyholders.
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By means of its platform, the cyber insurer additionally streamlines the distribution course of for insurance coverage brokers and brokers.
In addition to the US, Corvus affords insurance coverage merchandise within the Center East, Europe, Canada and Australia.
The acquisition by Vacationers was financed via the corporate’s inside sources.
Vacationers chairman and CEO Alan Schnitzer stated: “Now we have solid a robust strategic partnership with the proficient staff at Corvus over the previous yr, and we’re happy to formally welcome them to the Vacationers household.
“With a confirmed platform and deep cyber underwriting and threat administration experience, Corvus brings to Vacationers necessary cyber capabilities.”
Headquartered in New York, US, Vacationers is engaged in providing property casualty insurance coverage for auto, house and companies.
The acquisition constructed on the present partnership between the 2 firms.
In September 2023, Vacationers and Corvus expanded the alliance, which noticed the previous act because the capability supplier for the cyber insurer’s choices within the US.
In 2022, they shaped an identical capability partnership centered on the continental European market.
