Lockton Re expands CyberCube partnership to include exposure databases
Lockton Re, the global reinsurance business of broker Lockton, is expanding its partnership with cyber risk analytics firm CyberCube by licensing its Industry Exposure Databases (IEDs). It believes the dataset offers opportunities for alternative cyber reinsurance, which is crucial for cyber growth.
CyberCube’s IEDs were launched in October 2022 to enable re/insurers and brokers to perform a wide array of benchmarking, sensitivity, and real-time analyses for cyber risks.
Lockton Re already licenses a suite of tools from CyberCube including Portfolio Manager, a cyber risk modeling platform allowing stress testing of portfolios against a range of systemic cyber-related scenarios including data breaches, cloud outages, and global ransomware attacks among others.
Simon Shreeve, principal client account manager at CyberCube, said: “We are delighted that Lockton Re has expanded its partnership with CyberCube to include our exposure databases. This enables Lockton Re to deliver market-wide analytics to help clients develop their underwriting, portfolio, and reinsurance strategies. The IED represents a market-vetted and independent dataset offering opportunities for alternative reinsurance structures at a time when finding additional reinsurance capital is critical to the growth of cyber.”
Adam Braithwaite, senior reinsurance actuary, Lockton Re, said: “Being able to answer key questions around the size and shape of the cyber market with high granularity data is a powerful tool. Incorporating the Industry Exposure Database into our analytics platform will enhance the level of insight and services we can provide to our clients with respect to their position in the broader cyber market.”
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