Decrypt, a new cyber reinsurance product, has been launched by co-creators Swiss Re and Capsicum Re, the specialist reinsurance broker.
In a statement, Swiss Re explained that Decrypt provides "a single, flexible, end-to-end solution to insurers' cyber exposure challenges, including embedded, silent, and affirmative cyber risks."
Swiss Re added that 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 US$50 million per client with the support of a growing pool of risk transfer capacity.
Anthony Cordonnier, head of cyber product management at Swiss Re, said, "Decrypt gives insurance companies a unique understanding of their portfolios' affirmative and silent exposures, and offers protection against the aggregation of cyber losses across different lines of business."
Maya Bundt, head of cyber and digital solutions at Swiss Re, said, "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."
According to Swiss Re, Decrypt ultimately delivers substantive immediate value to insureds, while bringing Swiss Re and panel reinsurers greater clarity and insight so that they may offer bespoke risk transfer solutions that meet their clients' specific needs.
Ian Newman, Capsicum Re's global head of cyber, added, "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 chief executive officer, 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."
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].