A former top executive with Bermudian-based specialty re/insurer SiriusPoint Ltd has joined Corvus Insurance, the Boston-headquartered cyber underwriter, as president.

Prashanth Gangu is a seasoned executive with more than 20 years of experience in the insurance industry across strategy, mergers and acquisitions, distribution, product, underwriting, risk, operations and technology.

At Corvus, he will report to the company’s CEO, Madhu Tadikonda, and joins the executive leadership team.

Mr Gangu was formerly president of the insurance and services division and chief operating officer of SiriusPoint. He left the company last June.

Previously, he was a partner and head of Americas P&C Insurance at Oliver Wyman, a Marsh McLennan company.

In his new role, the company said, Mr Gangu aims to build on the strong underwriting foundation and drive profitable growth.

He will oversee sales, underwriting, actuarial, data science, claims and risk capital functions.

Mr Gangu joins Corvus to lead a major push to grow the company on the back of a strong year.

In 2022, the company said, Corvus grew cyber premiums by 80 per cent while achieving an industry-leading loss ratio in the mid-30s. Corvus was also named No 2 on Forbes’s list of America’s Best Start-up Employers 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,” said Mr Gangu.

“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.”

Mr Tadikonda said: “After studying the market extensively, Prashanth chose to join Corvus because he was drawn to our industry-leading profitability and loss ratio.

“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.”