Acrisure Re, the reinsurance division of global brokerage Acrisure, has announced the formation of a new London-based cyber reinsurance unit in partnership with cyber risk modeller Kovrr.
The new division will be led by Cyber Practice Leader, Tom Quy, and will utilise data-driven risk analysis from Kovrr.
Kovrr’s modelling technology is designed to enable clients to stress test their portfolios and identify loss drivers and areas of accumulation risk.
“The cyber market has experienced significant challenges in recent months, resulting in a hardened market,” said Jason Howard, CEO of Acrisure Re.
“As such, this has presented us with an opportunity to offer a product which combines our collaborative advisory and analytical capabilities with Kovrr’s unique approach to risk modelling. This partnership will strengthen the new cyber reinsurance division and we look forward to seeing the positive results it produces among clients.”
Quy also commented: “I am delighted to be partnering with Kovrr as we launch our cyber division. Over the past couple of years, I have worked with the Acrisure London Wholesale team to expand its cyber offering and I am excited to be doing the same for Acrisure Re.”
“Our partnership with Kovrr will add a new dimension to our existing expertise,” Quy continued. “Modelling the impact of cyber incidents on an insurer’s portfolio is key to supporting the further growth of the cyber reinsurance industry, and our partnership will enhance our ability to be at the forefront of this.”
Yakir Golan, CEO of Kovrr, added: “It’s clear that reinsurance brokers are a fundamental asset to the cyber insurance value chain and that they’ve placed great merit on cyber expertise as an important qualifier for modelling cyber risk. The addition of a forward-thinking reinsurance broker such as Acrisure Re to our customer base and being a part of their journey of building out their cyber reinsurance division is a meaningful milestone for Kovrr.”
