QOMPLX, the developer of an intelligent decision platform used in cybersecurity, insurance, and quantitative finance, is launching a U.S.-based MGA subsidiary.
RubiQon Risk & Insurance Services/RubiQon Re will launch initially in fall 2020, with a focus on the cyber insurance market. A multi-line expansion will follow, the company said.
RubiQon’s leaders are insurance industry veterans. RubiQon Risk General Manager and President Conan Ward is a former CEO of Validus Re and Hamilton USA. Romel Salam, principal of RubiQon Re, was CRO of Validus Holdings and is a former chief actuary and CRO of Validus Re.
Along with cyber insurance, the new MGA will also offer multi-line treaty and facultative insurance/reinsurance using QOMPLX’s established high-capacity data, modeling and analytic capabilities.
Ward said that spinoff allows for the blending of QOMPLX’s technology with insurance/reinsurance offerings.
“We’re looking to bring strategic-level solutions and insight to bear for our risk partners, not just tactical product solutions,” Ward said in prepared remarks. “It is extremely difficult for carriers to innovate, add technology and big data infrastructure, and still keep their factory lights on. We are prepared to work hand-in-glove with a small number of key partners to create a more symbiotic relationship between carriers and RubiQon to broaden their capability map, distribution outlets and product offerings.”
According to the company, RubiQon embraces a partnership approach to risk management with clients, similar to “the best property and workers compensation risk improvement models.” Benefits for clients will include improved security posture and resilience through assessment tools, internal network analysis, active directory monitoring, risk remediation and security programs and practices uplift to ensure sustainability, the company said.
QOMPLX is based in Reston, VA, with officers in New York, Denver and London.