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.
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.
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.
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.
Mergers and acquisitions Trucking
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