Hong Kong-based global reinsurance company, Peak Re is targeting to expand its presence in the global cyber market with help of cyber risk analytics specialist CyberCube.
According to the announcement, Peak Re – which has a global portfolio with a heavy presence in its core Asian markets – will licence CyberCube’s Portfolio Manager, a tool that will help the reinsurer quantify client cyber exposure.
Portfolio Manager is a cyber risk accumulation model that enables ew/insurance professionals to develop insights for their senior leadership and teams, allowing them to leverage CyberCube’s robust data lake and cybersecurity expertise.
It also allows stress testing of cyber portfolios so that loss drivers and potential accumulation events can be identified.
Edward Shen, Director, Head of Casualty Product Underwriting of Peak Re, commented: “By using CyberCube’s platform, Peak Re will enhance its presence in the cyber market with greater confidence.
“Data-driven analytics will provide us with a deeper understanding of accumulation risk and help us better serve our customers in the expectation of the continuing growing demand for cyber reinsurance globally.”
Jon Choi, CyberCube Principal Consultant and Actuary, said: “Peak Re’s presence in the market and use of Portfolio Manager will help to create innovative reinsurance solutions for cyber perils in Asia and beyond.
“Our tool will empower Peak Re to understand cyber risk better, particularly with regards to the unique technologies and opportunities within the Asian market as it pertains to the evolving risk of cyber threats.”
Ross Smith, CyberCube Sales Manager, added: “We are delighted Peak Re has chosen CyberCube as its underlying model for making informed decisions. Our partnership with Peak Re will become a catalyst to continue the growth and expansion of cyber capacity across different markets.”