RB Jones acquires ocean cargo business from Corvus
Specialty risk coverage solutions provider RB Jones announced its Marine & Energy division acquired the Smart Cargo Insurance® business from Corvus Insurance , a specialty insurance MGA.
This Ocean Cargo product offers a custom solution 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 Inc.TM, a specialty property and casualty insurance company that provides capacity to the Marine Cargo industry.
“RB Jones is pleased to add this new business to our portfolio of growing specialty products. Beyond deepening our capabilities within Ocean Cargo, the acquisition showcases our intention to expand RB Jones into a destination for highly specialized insurance solutions. This strategic acquisition increases RB Jones’ offerings and holistically enhances our expertise, operations and performance.” – Mark Engel, Managing Director, RB Jones.
This technology utilizes proprietary risk models built on a multitude of data points from cargo sensors to better inform underwriting, coverage, and rates. Additionally, the technology can be used to minimize or prevent cargo damage during transportation. The analysis and application of temperature stability data will assist RB Jones and its Marine Cargo clients in optimizing shipping methods and routes.
“Corvus has found an ideal buyer for our Smart Cargo Insurance® product line in RB Jones. With a long history in marine insurance, we are confident their team will provide the support needed for our ocean cargo policyholders and underwriters to thrive.” – Madhu Tadikonda, CEO of Corvus Insurance.
John Gambino, Underwriting Manager, Marine, RB Jones, leads the integration of the Corvus offering into the RB Jones portfolio alongside Engel. In addition, the company will welcome talent from Corvus to its Marine & Energy division as RB Jones associates. Zandra Brown joins as Head of Specialty Cargo and Kevin Kempf joins as Product Leader of Specialty Cargo.
“Earlier this year, we rebranded Global Excess Partners as RB Jones Property, which was the first step in our long-term growth plan for the brand. We are continuing to pursue that path now with this business acquisition for our Marine & Energy division.” – Jodie Kaufman Davis, Executive Vice President, H.W. Kaufman Group, parent company to RB Jones.