Lockton Re signs up for Kovrr’s cyber risk model

Lockton Re, the reinsurance arm of broker Lockton, has signed up to use Kovrr’s cyber risk model to further enhance its reinsurance pricing and modelling capability.

Kovrr's portfolio exposure management solution leverages a diverse set of data sources, from multiple cybersecurity vendors alongside open-source datasets and proprietary data curation engines, to provide a better view of risk.

It will assist Lockton Re in reinsurance pricing and providing advanced risk diversification insights to its clients.

“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," said Adam Braithwaite, senior reinsurance actuary at Lockton Re.

"This is a critical asset for Lockton Re for advising our clients on the most cost-effective risk transfer mechanisms in the market," Braithwaite added. "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, VP sales North America at Kovrr, commented: “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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