RB Jones acquires ocean cargo business | Insurance Business America
Specialty insurance provider RB Jones has announced that its marine and energy business has acquired the Smart Cargo Insurance business from Corvus Insurance, a specialty MGA. The acquisition will allow RB Jones to expand the products available to its brokers, agents and wholesale partners.
Smart Cargo Insurance is an ocean cargo product that offers custom coverage 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 and casualty 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,” said Mark Engel, managing director of RB Jones. “Beyond deepening our capabilities with 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.”
The technology gained in the deal uses proprietary risk models built on data points from cargo sensors to better inform underwriting, coverage and rates. The technology can also be used to minimize or prevent cargo damage during transportation.
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“Corvus has found an ideal buyer for our Smart Cargo Insurance product in RB Jones,” said Madhu Tadikonda, CEO of Corvus Insurance. “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.”
John Gambino, underwriting manager for marine at RB Jones, will lead the integration of Smart Cargo Insurance into the RB Jones portfolio alongside Engel. In addition, RB Jones has announced that two Corvus employees will join the company. Zandra Brown has joined as head of specialty cargo, while Kevin Kempf has been appointed product leader of specialty cargo. Both will report to Gambino.
“We welcome Zandra and Kevin to RB Jones and look forward to their work in launching this new product solution and business,” Gambino said. “Bringing in top talent and expanded product offerings is part of the company’s strategic plan to further grow the RB Jones brand.”
“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,” said Jodie Kaufman Davis, executive vice president at H.W. Kaufman Group, parent company of RB Jones. “We are continuing to pursue that path now with this business acquisition for our marine and energy division.”