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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 assist within the cyber insurance coverage sector.
The MGU serves a broad vary of purchasers together with wholesale brokers and main retail producers.
It’s mentioned to have a robust presence in middle-market extra and surplus enterprise strains.
Corvus’ AI-driven platform is designed to repeatedly monitor and determine potential vulnerabilities, aiming to mitigate the danger of cyber incidents for policyholders.
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Via its platform, the cyber insurer additionally streamlines the distribution course of for insurance coverage brokers and brokers.
Moreover the US, Corvus gives insurance coverage merchandise within the Center East, Europe, Canada and Australia.
The acquisition by Vacationers was financed by means of the corporate’s inner assets.
Vacationers chairman and CEO Alan Schnitzer mentioned: “We now have solid a robust strategic partnership with the proficient group 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 danger 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, residence 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 targeted on the continental European market.
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