Specialty risk broker RB Jones announced its marine and energy division has acquired the Smart Cargo Insurance business from Boston-based managing general agent Corvus Insurance.
The Corvus ocean cargo product offers an insurtech product for temperature-sensitive cargo such as food and pharmaceuticals.
As part of the transaction, RB Jones will have exclusive access to underwrite cargo insurance policies through Skyward Specialty Insurance Group, a specialty property/casualty insurance company that provides capacity to the marine cargo industry.
Other terms of the deal were not disclosed.
The Corvus technology utilizes risk models built on multiple data points from cargo sensors to inform underwriting, coverage and rates. Additionally, the technology can be used to minimize or prevent cargo damage during transportation.
RB Jones said the analysis and application of temperature stability data will help its marine cargo clients optimize their shipping methods and routes.
Madhu Tadikonda, CEO of Corvus Insurance, called RB Jone an “ideal buyer” for the cargo business.
John Gambino, marine underwriting manager at RB Jones, will lead the integration of the Corvus offering into the RB Jones portfolio. In addition, the company said it will welcome talent from Corvus as RB Jones associates. Zandra Brown joins as head of specialty cargo and Kevin Kempf joins as product leader of specialty cargo. Both Brown and Kempf report to Gambino.
Detroit-based H.W. Kaufman Group is the parent company to RB Jones.
Corvus specializes in technology and data-driven insurance products and digital tools. Its products include Smart Cyber Insurance and Smart Tech E+O.
Topics
Mergers & Acquisitions
Trucking
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