Exclusive: Travelers exploring sale of Corvus’ Frankfurt-based European operations

By James Thaler

April 15 - (The Insurer) – Travelers is exploring a potential divestiture of cyber insurtech Corvus’ Frankfurt-based operations, a move that comes a little over a year after the U.S.-based carrier acquired the MGA in a $435 million transaction, multiple senior cyber sources have told Cyber Risk Insurer.

Details regarding the motivation for selling the regional operations could not immediately be confirmed, but 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.

It also could not be immediately confirmed how far along Travelers is in the sale process for the European business, and whether it has retained an advisor, or if it would retain or shut down the operations if it is unable to strike a deal.

Multiple senior cyber industry sources, however, said that a handful of strategic buyers have been approached about potentially acquiring Corvus' operations in the region.

Travelers’ finished 2024 with $43.36 billion in net premiums globally, of which a relatively small portion originates from Europe, with the Alan Schnitzer-led firm’s writings largely concentrated in the U.S.

Corvus was founded in 2017 by Phil Edmundson, who left the company with the closing of the deal with Travelers.

Based in Boston, Massachusetts, Corvus has marketed itself as a cyber insurance MGA supported by a proprietary AI-driven cyber risk platform.

Travelers and Corvus originally teamed up on a multiyear capacity deal for European business that was announced in November 2022, offering local brokers and policyholders coverage for enterprises with up to 1 billion euros in revenue, primarily focusing on risks out of Germany and Austria.

Travelers then expanded its capacity partnership with Corvus in October 2023 to include U.S. products, in addition to its existing arrangement for the Corvus Smart Cyber Insurance offering in the continental European market.

A spokesperson for Travelers and Corvus declined to comment.