November 6, 2023 at 02:18PM
Travelers, a property and casualty insurance company, will acquire Corvus Insurance Holdings for $435 million. Corvus, founded in 2017, specializes in cyber insurance and uses artificial intelligence for data analysis. The acquisition will help Travelers expand its presence in the evolving cyber insurance market and gain cutting-edge capabilities in underwriting algorithms and cyber vulnerability scanning. The transaction is expected to close in Q1 2024 and will be funded internally by Travelers.
Key Takeaways from the Meeting Notes:
1. Travelers has announced its agreement to acquire Corvus Insurance Holdings for approximately $435 million.
2. Corvus is a cyber insurance managing general underwriter that uses artificial intelligence for data analysis, loss prediction, and prevention.
3. The acquisition is intended to enhance Travelers’ capabilities in the evolving cyberinsurance market.
4. Alan Schnitzer, Chairman and CEO of Travelers, emphasized the importance of this acquisition in advancing the company’s innovation agenda.
5. Travelers plans to leverage Corvus’ leading capabilities to improve the return profile of its cyber portfolio.
6. The transaction will be funded internally by Travelers and is expected to close in the first quarter of 2024, pending regulatory approvals.
7. Travelers does not anticipate any significant near-term impact on earnings.
8. Corvus has raised almost $150 million in funding, including a $100 million Series C round in March 2021.
9. Travelers had revenues of approximately $37 billion in 2022 and employs around 30,000 people.