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Corvus Insurance Names Madhu Tadikonda as New CEO to Lead Accelerated InsurTech Growth and Global Expansion
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
Corvus Insurance has appointed Madhu Tadikonda as its new CEO, succeeding founding CEO Philip Edmundson, who becomes Executive Chair. The leadership change aims to enhance growth as Corvus expands its international operations and continues to innovate in cyber insurance. Since its inception in 2017, Corvus has achieved significant milestones, including yearly revenue and premium doubling, expanding its workforce, and entering new markets in the UK and Germany. A recent partnership with SiriusPoint Ltd. will inject $100 million to enhance their Smart Cyber Insurance products.
Positive
Appointment of Madhu Tadikonda as new CEO expected to drive growth and innovation in the company.
Corvus has doubled its premium and revenue every year since inception.
Expansion into UK and German markets signals strong international growth strategy.
A strategic partnership with SiriusPoint adds $100 million for enhancing Smart Cyber Insurance offerings.
Negative
None.
Founding CEO Philip Edmundson appointed Corvus’s Executive Chair and Chair of the Board
BOSTON--(BUSINESS WIRE)--
Corvus Insurance, the market-leading specialty insurance MGA offering Smart Cyber Insurance® products powered by AI-driven risk data, today named Madhu Tadikonda as its new Chief Executive Officer, effective immediately. Tadikonda will join the Corvus Board of Directors and will report directly to the Board.
The InsurTech’s founding CEO Phil Edmundson will assume the new role of Executive Chair and Chair of the Board of Corvus. In this full-time role, Edmundson will focus his efforts 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 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.
“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.
"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."
Last month Corvus announced an expanded strategic partnership with SiriusPoint Ltd. (“SiriusPoint”) (NYSE: SPNT), 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 $100MM 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.”
About Corvus Insurance Corvus Insurance is building a safer world through insurance products and digital tools that reduce risk, increase transparency, and improve resilience for policyholders and program partners. Our market-leading specialty insurance products are enabled by advanced data science and include Smart Cyber Insurance®, Smart Tech E+O™, and Smart Cargo®. Our digital platforms and tools enable efficient quoting and binding and proactive risk mitigation. Corvus Insurance offers insurance products in the US, Middle East, Europe, Canada, and Australia. Current insurance program partners include AXIS Capital, Crum & Forster, Hudson Insurance Group, certain underwriters at Lloyd’s of London, R&Q Accredited, SiriusPoint, and Skyward Specialty Insurance. Corvus Insurance, Corvus London Markets, and Corvus Germany are the marketing names used to refer to Corvus Insurance Agency, LLC; Corvus Agency Limited; and Corvus Underwriting GmbH. All entities are subsidiaries of Corvus Insurance Holdings, Inc.Corvus Insurance was founded in 2017 and is headquartered in Boston, Massachusetts with offices across the US, in the UK, and Germany. For more information, visit corvusinsurance.com.
What is the significance of Madhu Tadikonda's appointment as CEO of Corvus Insurance?
Madhu Tadikonda's appointment is expected to accelerate growth and innovation at Corvus Insurance, leveraging his experience in insurance and data science.
What is Corvus Insurance's strategy for international expansion?
Corvus is focusing on expanding its operations into the UK and Germany, with plans for further global growth as part of its strategic direction.
How will the partnership with SiriusPoint Ltd. impact Corvus Insurance?
The partnership with SiriusPoint will provide an additional $100 million to enhance Corvus' Smart Cyber Insurance offerings, supporting its growth and innovation.
What milestones has Corvus Insurance achieved since its founding?
Since its launch in 2017, Corvus Insurance has doubled its revenue and premium every year and expanded its workforce to 300 employees.
