The insurtech remains hyper-focused on its goal – tackling cyber risk
US-based insurtech MGA Corvus Insurance’s president Madhu Tadikonda has been named as its new chief executive, effective immediately.
Tadikonda will also join the Corvus board of directors and will report directly to the board.
His appointment means the firm’s founding chief executive Phil Edmundson will now assume the new role of executive chair and chair of the board.
Edmundson will now have responsibility for supporting the growth of the company as it expands its international footprint and doubles down on its technology and risk capital capabilities. The firm also has offices in the UK.
He said: “I’m extremely thrilled with Corvus’ achievements and I am excited to continue that growth trajectory. Tadikonda’s background – with deep experience in both insurance and cutting-edge data science – is a perfect fit for the next phase of Corvus’ scaling.
“Since Tadikonda joined Corvus, he has brought an acute eye and passion for demonstrating value for our risk capital partners, brokers and policyholders alike.”
Hyper-focused goal
Tadikonda joined Corvus as president one year ago and has spent the past year collaborating with reinsurers, brokers, and policyholders to mitigate evolving threats and cyber risks to the core digital assets and online operations of modern businesses.
Prior to joining Corvus, he served as global chief underwriting officer at AIG and earlier led data science efforts for AIG’s Commercial Insurance. He also co-founded Archipelago, a risk data platform that uses artificial intelligence to digitise risk for large owners of commercial property.
Tadikonda said: “We are entering a new era of Insurtech 2.0, where success is derived from smart risk-taking, combining insurance expertise with advanced data and technology. Corvus, which has scaled rapidly since its founding, is perfectly positioned to accelerate its growth moving forward.
“We remain hyper-focused on our most important goal – tackling cyber risk. Our advanced data-driven underwriting and policyholder engagement have generated industry-leading results for our risk capital partners and other stakeholders.”
Since launching in 2017, Corvus has doubled its premium and revenue every year, grown its staff headcount since 2020 to 300 and expanded internationally into both the UK and German markets, with plans for further global expansion in 2023.
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