Swiss Re and specialist reinsurance broker Capsicum Re have collaborated to launch new holistic cyber reinsurance solution, called Decrypt.
Decrypt will provide a single, flexible, end-to-end solution to insurers’ cyber exposure challenges, including embedded, silent, and affirmative cyber risks.
In a recent press release it explains that Decrypt’s modular approach is comprised of risk identification, quantification and transfer. It offers market-leading cyber-risk evaluation expertise and a lead line from Swiss Re of up to US$50mn per client with the support of a growing pool of risk transfer capacity.
Decrypt delivers substantive immediate value to clients, while also bringing Swiss Re and other panel reinsurers better clarity and insight, which will ultimately enable them to offer bespoke risk transfer solutions that meet their clients’ specific needs.
The new solution will be brought to the market at the annual meeting of the reinsurance industry in Monte-Carlo on 8 September 2019.
Ian Newman, Capsicum Re’s global head of cyber, 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.”
Rupert Swallow, Capsicum Re’s CEO, said: “Decrypt is another market-leading first for Capsicum Re’s award-winning cyber team. 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.”
Anthony Cordonnier, head of cyber product management at Swiss Re, adds: “Decrypt gives insurance companies a unique understanding of their portfolios’ affirmative and silent cyber exposures, and offers protection against the aggregation of cyber losses across different lines of business.”
Maya Bundt, head of cyber & digital solutions at Swiss Re, comments: “Decrypt is the first holistic cyber solution that helps insurers identify and manage their cyber risk exposures, as well as meet growing regulatory and internal requirements.”