AI-powered cyber specialty insurer Corvus Insurance has announced the appointment of Prashanth Gangu (pictured above) as president of the company.
Gangu is a veteran of the insurance industry with more than 20 years of experience across strategy, mergers and acquisitions, distribution, product, underwriting, risk, operations, and technology.
He joins Corvus from SiriusPoint, where he was chief operating officer and president of its insurance & services division. Prior to this, he was partner and head of Americas P&C insurance at Oliver Wyman, a Marsh McLennan company.
As president of Corvus, Gangu will oversee sales, underwriting, actuarial, data science, claims, and risk capital functions, building on the company’s strong underwriting foundation to drive profitable growth.
Corvus today welcomed former SiriusPoint and Marsh & McLennan executive @pgangu as President! Learn more: https://t.co/ZELz2z1oGC | #CyberInsurance #CommercialInsurance #CorvusInsurance— Corvus Insurance (@CorvusInsurance) March 30, 2023
“Corvus has demonstrated that you can achieve exceptional underwriting results by excelling in both parts of insurtech — traditional insurance expertise combined with cutting edge data and analytics — while protecting policyholders in an evolving risk landscape,” Gangu said. “I’m excited to be on board to build on the existing Corvus platform while helping policyholders, brokers, and (re)insurers face and mitigate the rapidly evolving threats and cyber risks to the core digital assets and online operations of today’s businesses.”
Gangu’s appointment will see him join the company’s executive leadership team, reporting to CEO Madhu Tadikonda.
“After studying the market extensively, Prashanth chose to join Corvus because he was drawn to our industry-leading profitability and loss ratio,” Tadikonda said. “This is the time when the strong, durable, resilient tech-driven insurance underwriters will emerge, and we are thrilled to have Prashanth join the team to drive the next stage of our ambitious journey.”
Corvus, which is headquartered in the US and has offices in the UK and Germany, had a strong year in 2022, growing cyber premiums by 80% while achieving an industry-leading loss ratio in the mid-30s.
Earlier this month, the company also expanded its Frankfurt-based team, hiring underwriters with localized cyber solution experience in the European Union, along with a local head of cybersecurity services.
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