Two heads are better than one, they say, and that must have been why Capsicum Re and Swiss Re teamed up to develop what they describe as a holistic cyber reinsurance offering.
Called Decrypt, the new proposition is designed to provide a “single, flexible, end-to-end” means to address the cyber exposure challenges faced by insurers. These include affirmative, silent, and embedded cyber risks.
Backed by a lead line from top reinsurer Swiss Re of as much as US$50 million per client, Decrypt features a modular approach that consists of risk identification, quantification, and transfer. Co-created by specialist reinsurance broker Capsicum Re, the product offers market-leading cyber risk evaluation expertise.
Explaining how it works, Capsicum Re’s global head of cyber Ian Newman said: “Decrypt begins with risk evaluation based on a detailed analysis of policy wordings and scenario mapping.
“The goal has been to align the Decrypt methodology between broker and underwriter in order to provide unparalleled insights into cyber exposures across enterprise-wide insurance portfolios, while being able to offer bespoke reinsurance solutions.”
For Swiss Re cyber product management head Anthony Cordonnier, this means that insurance companies are afforded what he believes is a unique understanding of their portfolios’ cyber exposures, affirmative and silent alike, and are offered protection against the aggregation of cyber losses across different business lines.
Maya Bundt, head of cyber and digital solutions at Swiss Re, added that Decrypt is “the first holistic cyber solution” that helps insurers not only identify and manage risk exposures, but also meet growing regulatory and internal requirements.
“Decrypt is another market-leading first for Capsicum Re’s award-winning cyber team,” asserted Capsicum Re chief executive Rupert Swallow.
“By leveraging their superior risk knowledge and data and teaming up with Swiss Re, we have created a unique new solution that will manage insurance companies’ genuine concerns and challenges over cyber exposure management, and set the standard for the industry.”
The proposition will be brought to market on September 08 at the Monte Carlo Rendez-Vous Conference.