RB Jones takes over ‘smart’ ocean freight business from Corvus

0
8
THE BHARAT EXPRESS NEWS INSURANCE NEWS
THE BHARAT EXPRESS NEWS INSURANCE NEWS

Specialty risk broker RB Jones has announced that its marine and energy division has acquired the Smart Cargo Insurance business from Boston-based general manager Corvus Insurance.

Corvus’ ocean freight product offers an insurtech product for temperature sensitive freight such as food and pharmaceuticals.

As part of the transaction, RB Jones will gain exclusive access to cargo insurance through Skyward Specialty Insurance Group, a specialist property/accident insurance company that provides capacity to the ocean freight industry.

ALSO READ  Rising automatic rates affect 'bundle' strategy: JD Power

Other terms of the deal have not been disclosed.

Corvus technology uses risk models based on multiple data points from cargo sensors to inform acceptance, coverage and rates. In addition, the technology can be used to minimize or prevent cargo damage during transit.

RB Jones said the analysis and application of temperature stability data will help its ocean freight customers optimize their shipping methods and routes.

ALSO READ  Small businesses underestimate recovery time and costs from cyber attacks

Madhu Tadikonda, CEO of Corvus Insurance, called RB Jone an “ideal buyer” for the freight industry.

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 Corvus’ talent as RB Jones employees. Zandra Brown joins as Special Freight Head and Kevin Kempf joins Special Freight Product Leader. Both Brown and Kempf report to Gambino.

ALSO READ  Cyber ​​Threats Still No. 1 Business Problem: Traveler Risk Index in 2022

The Detroit-based HW Kaufman Group is the parent company of 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.

subjects
Mergers and acquisitions Trucking

Interested in mergers?

Receive automatic notifications for this topic.

LEAVE A REPLY

Please enter your comment!
Please enter your name here