Specialty risk coverage provider RB Jones’ Marine & Energy division has acquired Smart Cargo Insurance, a business of specialty insurance managing general agent Corvus Insurance.
Financial terms of the transaction were not shared.
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The ocean cargo product line serves temperature sensitive cargo including food and pharmaceuticals with tailored solutions.
This ‘strategic’ purchase will enable RB Jones to add to its suite of offerings for brokers, agents as well as wholesale partners.
It also gives RB Jones exclusive access to underwrite cargo insurance policies via Skyward Specialty Insurance Group, a property and casualty insurer focused on providing capacity to marine cargo industry.
The technology leverages data-driven risk models based on cargo sensors for efficient underwriting, coverage and rates.
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By GlobalDataThe evaluation and application of temperature stability data will help avoid damage to cargo on the move.
This, in turn, will enable RB Jones and its marine cargo clients to optimise shipping methods and routes.
RB Jones Marine underwriting manager John Gambino, in coordination with RB Jones managing director Mark Engel, will oversee integration of Smart Cargo Insurance into the RB Jones portfolio.
Besides, employees at Corvus will join RB Jones’ Marine & Energy unit as associates.
While Zandra Brown will serve as the head of Specialty Cargo, Kevin Kempf will be the product leader in the same team.
Engel said: “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 specialised insurance solutions.” Corvus Insurance CEO Madhu Tadikonda said: “With a long history in marine insurance, we are confident their (RB Jones) team will provide the support needed for our ocean cargo policyholders and underwriters to thrive.”
