Reinsurance broker Acrisure Re has launched a London-based cyber division in partnership with cyber risk modeler Kovrr.
Headed by Cyber Practice Leader Tom Quy, the new division will offer the market a fresh perspective on cyber reinsurance “by coupling the extensive knowledge base of its trusted brokers with its world class analytics team to provide solutions that will mitigate its clients’ exposure to cyber risk,” said Acrisure Re, the London reinsurance unit of Acrisure, the global insurance broker and fintech services provider, which is headquartered in Grand Rapids, Mich.
The partnership with Kovrr will add an extra layer of expertise to the new division by providing clients with transparent and data-driven risk analysis, which will further enable them to make better decisions when purchasing cyber reinsurance.
Kovrr’s multimodel technology allows clients to stress test their portfolios and identify loss drivers and areas of accumulation risk.
“The cyber market has experienced significant challenges in recent months, resulting in a hardened market. As such, this has presented us with an opportunity to offer a product which combines our collaborative advisory and analytical capabilities with Kovrr’s unique approach to risk modeling,” commented Jason Howard, CEO of Acrisure Re. “This partnership will strengthen the new cyber reinsurance division, and we look forward to seeing the positive results it produces among clients.”
“Our partnership with Kovrr will add a new dimension to our existing expertise,” said Quy. “Modeling the impact of cyber incidents on an insurer’s portfolio is key to supporting the further growth of the cyber reinsurance industry, and our partnership will enhance our ability to be at the forefront of this.”
Yakir Golan, CEO of Kovrr, said: “It’s clear that reinsurance brokers are a fundamental asset to the cyber insurance value chain and that they’ve placed great merit on cyber expertise as an important qualifier for modeling cyber risk. The addition of a forward-thinking reinsurance broker such as Acrisure Re to our customer base and being a part of their journey of building out their cyber reinsurance division is a meaningful milestone for Kovrr.”
Source: Acrisure Re
*This story ran previously in our sister publication Insurance Journal.