Boston-based InsurTech Corvus Insurance said Madhu Tadikonda will take over immediately as chief executive officer, replacing founding CEO Phil Edmundson.
Edmundson will assume the new role of executive chair and chair of the board of Corvus. In this full-time role, Edmundson will focus on supporting the growth of the company as it expands its international footprint and doubles down on its unique technology and risk capital capabilities.
Since its launch in 2017, Corvus—a specialty insurance MGA offering Smart Cyber Insurance products powered by AI-driven risk data—has doubled its premium and revenue every year, more than doubled its headcount since 2020 to 300, and has expanded internationally into both the UK and German markets, with plans for further global expansion in 2023, the company 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,” said Tadikonda. “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.”
Tadikonda, who joined Corvus as president one year ago, has spent the past year collaborating with reinsurers, brokers and policyholders to face and mitigate the rapidly evolving threats and cyber risks to the core digital assets and online operations of today’s 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 AI to digitize risk for large owners of commercial property.
Tadikonda will join the Corvus board of directors and will report directly to the board.
Last month Corvus announced an expanded strategic partnership with SiriusPoint Ltd., the global specialty insurer and reinsurer, and R&Q Accredited, the leading program management solution provider. The latest multi-year investment from SiriusPoint and R&Q Accredited adds an additional $100 million to the existing program and will allow Corvus to build upon its 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,” said Edmundson. “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.”