Insurance group Travelers has announced plans to acquire cyber insurance managing general underwriter (MGU) Corvus in a deal worth ~USD 435 million. Travelers said it will use internal resources to fund the acquisition, which is expected to close in Q1 2024, subject to regulatory approvals and other customary conditions.

Corvus’ expertise in cyber and related lines will be used to enhance Travelers own cyber insurance capabilities by incorporating the former’s advanced underwriting algorithms, vulnerability scanning tools, risk mitigation, and digital connectivity into its own cyber offerings.

The Travelers Companies Inc. is an established property and casualty insurer offering auto, home, and business insurance globally. Travelers already provides cyber capacity for Corvus products in the US and Europe and the acquisition is reportedly part of a broader investment strategy.