In a strategic move to bolster its cyber risk analytics capabilities, Ariel Re, global reinsurance business, has announced an expanded partnership with cyber risk analytics trailblazer CyberCube.
This extension involves the licensing of CyberCube’s Industry Exposure Databases and Portfolio Manager APIs, further solidifying Ariel Re’s position as a premier manager of reinsurance risk.
The existing collaboration between Ariel Re and CyberCube already encompasses the utilisation of Portfolio Manager, the preeminent cyber risk modeling platform in the (re)insurance industry.
This platform empowers Ariel Re to stress test its portfolios against an array of systemic cyber-related scenarios, ranging from data breaches and cloud outages to global ransomware attacks.
By integrating this cutting-edge tool into its decision-making process, Ariel Re has been able to make informed and precise risk assessments, underpinning its status as a forward-thinking player in the reinsurance landscape.
With the newly acquired licenses for CyberCube’s Industry Exposure Databases, Ariel Re is set to enhance its analytical capabilities even further.
These databases, introduced in October 2022, offer (re)insurers and brokers an extensive array of functionalities including benchmarking, sensitivity analysis, and real-time assessments of cyber risks. Two core components, the Economic Exposure Database (EED) and the Industry Exposure Database (IED), form the foundation of these databases.
Seamlessly integrated with Portfolio Manager, these databases allow clients to delve into exposure data and conduct comprehensive analyses, ultimately facilitating the development of industry loss estimates.
Simon Shreeve, CyberCube’s Principal Client Account Manager, expressed enthusiasm about the expanded partnership with Ariel Re, emphasising the augmented analytical prowess it would offer to Ariel Re’s decision-making processes.
He lauded Ariel Re’s meticulous approach to risk assessment, which encompasses multiple data sources, in-house expertise, and advanced comparative analytics. Shreeve asserted that this strategic move would undoubtedly contribute to Ariel Re’s cyber reinsurance growth strategy and fuel innovation within the cyber reinsurance sector.
Daniel Carr, Head of Cyber at Ariel Re, echoed Shreeve’s sentiments, highlighting the significance of the additional tools from CyberCube in enhancing Ariel Re’s analytical capabilities.
Carr emphasised that the integration of these tools into their partnership would streamline sensitivity testing, benchmarking, and stress testing of deals and portfolios. This, in turn, would enable Ariel Re to communicate more effectively with stakeholders and tailor risk transfer solutions for their customers.
Carr emphasised the alignment between Ariel Re’s vision of becoming a premier reinsurance risk manager and the innovative solutions offered by CyberCube.
