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Lockton Re adopts Kovrr’s financial cyber risk model

5th February 2021 - Author: Katie Baker

Lockton Re, the reinsurance arm of global brokerage Lockton, has licensed Kovrr’s cyber risk model as part of the broker’s multi-model vendor approach to support its cyber risk initiatives.

lockton-re-logoThe Kovrr portfolio exposure management solution utilises a broad set of data sources from multiple cybersecurity vendors, alongside open-source datasets and proprietary data curation engines.

Kovrr’s unique data combined with its proprietary impact based modelling framework will assist Lockton Re in reinsurance pricing and providing advanced risk diversification insights to their clients.

Adam Braithwaite, Senior Reinsurance Actuary, Lockton Re, commented: “Kovrr’s model gives us increased confidence in our results because of the exceptional firmographic data enrichment capabilities and their cyber data curation platform which combines diverse cybersecurity vendor’s data. This allows for significantly better cyber risk pricing.

“This is a critical asset for Lockton Re for advising our clients on the most cost-effective risk transfer mechanisms in the market. We are constantly looking at how we can enhance Lockton Re SAGE, our proprietary reinsurance analytics platform, and broader analytics offering to benefit clients.”

Kurt Jackson, Vice President, Sales North America, Kovrr, added: “Kovrr’s models provide Lockton Re with a unique view of risk and this platform is a substantial contribution to their cyber reinsurance advisory team.

“It’s a pleasure to work with a forward-thinking broker like Lockton Re, a true leader in adopting next generation technology.”

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