Travelers to acquire Corvus for $435M
The Travelers Companies announced an agreement to acquire Corvus Insurance, a cyber insurance managing general underwriter, for about $435 million, according to a press release from Travelers. The transaction is expected to close in the first quarter of next year.
Jeff Klenk, EVP and president of bond & specialty insurance at Travelers, said in a statement: “In addition to having the opportunity to renew Corvus’ $200+ million 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.”
Corvus, which was founded in 2017, has developed an artificial intelligence cyber risk platform that identifies cyber vulnerabilities.
Madhu Tadikonda, CEO of Corvus, said in a statement: “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.”
Jefferies LLC acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP provided legal counsel to Travelers. Nomura Securities International, Inc. acted as financial advisor and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP provided legal counsel to Corvus.
