RiskPoint to buy Frankfurt-based Corvus Underwriting GmbH from Travelers
(The Insurer) - The RiskPoint Group has agreed to acquire Corvus Underwriting GmbH in Frankfurt from Travelers, with the European managing general underwriter looking to expand in German cyber insurance.
The acquisition of the Frankfurt-based operations of cyber insurtech Corvus will be effective September 1. Travelers acquired Boston-headquartered Corvus at the start of 2024 for $435 million.
Cyber Risk Insurer exclusively reported in April that Travelers was exploring a divestiture of Corvus’ Frankfurt-based operations.
At that time, multiple sources familiar with the matter said Corvus is “refocusing” its operations towards the U.S. and London, with the UK now becoming the base of its European business.
Travelers and RiskPoint said that they have a long-standing partnership “and share a commitment to delivering high-quality insurance solutions”.
RiskPoint’s acquisition of Corvus Underwriting GmbH from Travelers expands their relationship into cyber insurance and broadens the strategic partnership between the companies.
Matthew Wilson, CEO of Travelers Europe, said Travelers will partner with RiskPoint to provide cyber capacity in Germany and across Europe.
“Our ongoing collaboration and shared commitment to delivering exceptional client value will help businesses across the region navigate the ever-evolving cyber landscape,” Wilson said.
RiskPoint issued its first cyber insurance policy in Denmark in 2017. It said it will now scale its cyber expertise to the German market.
Up until September 1, RiskPoint will be setting up the full-scale cyber offering with its German branch to ensure a smooth transition of the existing Corvus activities.
“I’m thrilled to announce that we are broadening our cyber insurance solutions in the DACH region by integrating Corvus Underwriting GmbH, with its service-minded and experienced team of experts, into our cyber team,” said RiskPoint group CEO Kenneth Nielsen.
Travelers in May also agreed to sell the majority of Travelers Canada to Definity in a C$3.3 billion deal.
