Swiss Re partners with Capsicum Re on new cyber reinsurance solution Decrypt
Swiss Re and specialist reinsurance broker Capsicum Re have teamed up to co-create a new 'holistic' cyber reinsurance solution that they hope will set the standard for the industry while helping insurers better manage their silent cyber exposures and risks.
The new solution, Decrypt, provides a single, flexible, end-to-end solution to insurers’ cyber exposure challenges, including embedded, silent, and affirmative cyber risks.
The companies explained, Decrypt’s modular approach is comprised of risk identification, quantification and transfer. It offers cyber-risk evaluation expertise and a lead line from Swiss Re of up to $50 million per client with the support of a growing pool of risk transfer capacity.
“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," said Maya Bundt, head of cyber & digital solutions at Swiss Re.
Anthony Cordonnier, head of cyber product management at Swiss Re, added: “Decrypt gives insurance companies a unique understanding of their portfolios' affirmative and silent cyber exposures, and offers protection against the aggregation of cyber losses across different lines of business.”
According to Ian Newman, Capsicum Re’s global head of cyber: “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.”
Rupert Swallow, Capsicum Re’s CEO, said: “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.”
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