Decrypt, a new holistic cyber reinsurance solution, is launched today by co-creators Capsicum Re, the specialist reinsurance broker, and Swiss Re. Decrypt provides a single, flexible, end-to-end solution to insurers’ cyber exposure challenges, including embedded, silent, and affirmative cyber risks.
Decrypt’s modular approach is comprised of risk identification, quantification and transfer. It offers market-leading cyber-risk evaluation expertise and a lead line from Swiss Re of up to US$50 million per client with the support of a growing pool of risk transfer capacity.
Ian Newman, Capsicum Re’s Global Head of Cyber, said: “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.”
Anthony Cordonnier, Head of Cyber Product Management at Swiss Re, adds: “’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.”
These benefits can be offered because of the agreed exposure evaluation methodology and superior dataset.
Maya Bundt, Head of Cyber & Digital Solutions at Swiss Re, comments: “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.”
Ultimately Decrypt delivers substantive immediate value to clients, while bringing Swiss Re and panel reinsurers greater clarity and insight so that they may offer bespoke risk transfer solutions that really meet clients’ specific needs.
Decrypt will be brought to the market at the Monte Carlo Rendez-Vous Conference on September 8. If you would like to know more and meet the experts behind Decrypt please register here.