Corvus Insurance recently appointed Madhu Tadikonda as CEO of the company. The specialty insurance MGA offering Smart Cyber Insurance company has also promoted its CEO Phil Edmundson to executive chair and chair of the Corvus Board, according to a press release.
"I have known Phil and Madhu separately for many years now,” said Matt Harris, managing partner of Bain Capital Ventures, and the first investor in Corvus. “Having introduced them five years ago, I could not be more excited at this high-level pairing of complementary talents in this incredible market opportunity."
Under his new role, Tadikonda is set to report directly to the board. Edumundson will be tasked with promoting the company’s growth efforts as it pursues a global expansion and technological innovation.
Since launching five years ago, Corvus has doubled its annual revenue and headcount to 300. The company also established a global footprint with existing operations in UK and German markets and plans to explore other territories in 2023.
“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,” Tadikonda said. “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.”
Before accepting his previous role, Tadikonda worked with various reinsurers, brokers and policyholders in pursuit of cyber risks threatening core digital assets and business operations.
He also served as global chief underwriting officer at AIG, and funded the risk data platform, Archipelago. The move follows the start of Corvus’ partnership with SiriusPoint Ltd. The multi-year investment made by Siriuspoint will provide an additional $100 million to the R&Q Accredited program and leverage Corvus’ Smart Cyber Insurance offerings.
“I’m extremely thrilled with Corvus’ achievements, and I am excited to continue that growth trajectory. Madhu’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 Madhu joined Corvus, he has brought an acute eye and passion for demonstrating value for our risk capital partners, brokers and policyholders alike,” Edmundson said. “I’m excited for what’s ahead, and I look forward to continuing to support our company’s next phase and working to bring our Safer World mission to more brokers and policyholders.”