Digital marketplace CatX, which connects (re)insurers and brokers with alternative capital, will be advancing its capabilities through collaboration with CyberCube, the leading cyber risk analytics company.
CyberCube's analytics will empower CatX to assist brokers and (re)insurers in broadening their capacity bases while enhancing their ability to model and price cyber risks effectively. The partnership will empower institutional investors to gain deeper insights into underlying cyber risks when making investment decisions.
The partnership will enable the integration of CyberCube’s Portfolio Manager, a scenario-based catastrophe model that empowers portfolio-level insights for senior leadership decision-making, into CatX’s marketplace. Customers will also benefit from CyberCube’s Industry Exposure Databases, which allow (re)insurers and brokers to perform a wide array of benchmarking, sensitivity, and analyses for cyber risks as they consider participating in Industry Loss Warranties (ILW).
Ross Wirth, Head of Partnership & Ecosystem at CyberCube, said: “This strategic partnership will help provide greater confidence to investors seeking additional access to investments such as industry loss warranties. We are thrilled to enable investor access to CyberCube’s leading models on the CatX platform, providing another source of capital in this quickly expanding market.”
Benedict Altier, Chief Executive Officer of CatX, said: “We are seeing strong demand from investors for cyber insurance-linked security (ILS) products and expect to see this segment expand significantly over the next few years. Alternative capital will play a critical role in improving the stability of the broader cyber market insurance market. Partnering with CyberCube will give brokers, insurers, and investors access to leading cyber risk analytics directly on the CatX platform.”
Lucas Schneider, Chief Technology Officer at CatX, said: “Working with CyberCube will help us further our ambition to become the leading venue for cyber index-based and parametric reinsurance and retrocession transactions. CyberCube’s datasets will help to augment our ILS-analytics suite supporting risk-adjusted pricing, scenario analysis and benchmarking.”
About CyberCube
CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company’s cloud-based platform helps insurance organizations quantify cyber risk to facilitate placing insurance, underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modeling on thousands of points of technology failure.
The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company exclusively focused on the insurance industry, with access to an unparalleled ecosystem of data partners. It is backed by Forgepoint Capital, HSCM Bermuda, MTech Capital, Morgan Stanley Tactical Value, individuals from Stone Point Capital and Scott G. Stephenson. For more information, please visit www.cybcube.com or email info@cybcube.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240429431469/en/
Contacts
Yvette Essen, Head of Content, Communications & Creative, yvettee@cybcube.com
