Toa Re Europe has licensed CyberCube’s Portfolio Manager platform, in a move that is set to support its cyber book, and play a pivotal role towards achieving best practice risk management solutions.
According to the announcement, Toa Re Europe will utilize CyberCube’s Portfolio Manager to enable data-driven risk transfer solutions.
The software from CyberCube, is a scenario-based data-driven model that enables risk professionals to develop insights for their senior leadership and teams. The platform is used by re/insurers and brokers.
The platform allows for stress testing of portfolios against a range of systemic cyber-related scenarios, which includes data breaches, cloud outages, and global ransomware attacks.
Roxy Ionescu, CyberCube Sales Manager, commented: “We are extremely delighted to partner with Toa Re Europe as it looks toward continued profitable growth in the cyber reinsurance market. Portfolio Manager will empower Toa Re to assess cyber risk, determine optimal pricing, and refine its risk management strategies.”
Philippe Regazzoni, Toa Re Europe CEO, said: “Cyber is one of the most strategic business lines for a professional reinsurer and will become a core placement for most of our clients across EMEA. For a professional reinsurer like Toa Re, the development of risk and portfolio management capabilities is crucial for our ability to offer adequate cyber treaty capacity to our clients. The cooperation with CyberCube is a key step in the development of the required capabilities.”
