Global reinsurance giant Swiss Re has partnered with specialist reinsurance broker, Capsicum Re, on the launch of a new holistic cyber reinsurance solution, called Decrypt.
The new solution offers a single, flexible, end-to-end solution to insurers’ cyber risk challenges, including embedded, silent, and affirmative cyber exposures.
An announcement on the release explains that Decrypt utilises a modular approach which is comprised of risk identification, quantification and transfer. It provides market-leading cyber risk evaluation expertise and a lead line from Swiss Re of up to $50 million per client, with the support of an expanding pool of risk transfer capacity.
Head of Cyber Product Management at Swiss Re, Anthony Cordonnier, said: “Decrypt gives insurance companies a unique understanding of their portfolios’ affirmative and silent exposures, and offers protection against the aggregation of cyber losses across different lines of business.”
Maya Bundt, Head of Cyber & Digital Solutions at Swiss Re, commented: “Decrypt is the first holistic cyber solution that helps insurers identify and manage their cyber risk exposures, as well as meet growing regulatory and internal requirements.”
According to the pair, Decrypt delivers substantive immediate value to clients, and at the same time brings Swiss Re and other panel reinsurers improved clarity and insight, which ultimately enables them to offer bespoke solutions that meet the needs of their clients.
Global Head of Cyber at Capsicum Re, Ian Newman, said: “Decrypt begins with risk evaluation based on a detailed analysis of policy wordings and scenario mapping. The goal has been to align the Decrypt methodology between broker and underwriter in order to provide unparalleled insights into cyber exposures across enterprise-wide insurance portfolios, while being able to offer bespoke reinsurance solutions.”
Capsicum Re’s Chief Executive Officer (CEO), Rupert Swallow, added: “Decrypt is another market-leading first for Capsicum Re’s award-winning cyber team. By leveraging their superior risk knowledge and data and teaming up with Swiss Re, we have created a unique new solution that will manage insurance companies’ genuine concerns and challenges over cyber exposure management, and set the standard for the industry.”
The new solution will be brought to the market at the annual meeting of the reinsurance industry in Monte-Carlo on September 8th, 2019.