CyberCube inks deal with CatX for enhanced cyber capabilities

CyberCube inks deal with CatX for enhanced cyber capabilities | Insurance Business Australia

Cyber

CyberCube inks deal with CatX for enhanced cyber capabilities

It will upgrade the firm’s strategies for modelling and pricing

Digital marketplace CatX, known for connecting re/insurers and brokers with alternative capital, is set to enhance its offerings through a new collaboration with cyber risk specialist CyberCube.

The partnership will integrate CyberCube’s advanced analytics into the CatX platform, thereby aiding brokers and (re)insurers in expanding their capacity while improving their modelling and pricing strategies for cyber risks.

The collaboration is also expected to provide institutional investors with better insights into cyber risks, aiding their investment decision-making processes.

Specifically, CatX will incorporate CyberCube’s Portfolio Manager into its marketplace. The scenario-based catastrophe model is designed to offer portfolio-level insights crucial for senior leadership decisions.

Additionally, customers also stand to benefit from CyberCube’s Industry Exposure Databases, which support a broad range of analyses and benchmarking for cyber risks, particularly useful for those considering industry loss warranties (ILW).

Ross Wirth, head of partnership & ecosystem at CyberCube, commented on the collaboration and its value to the CatX platform.

“This strategic partnership will help provide greater confidence to investors seeking additional access to investments such as industry loss warranties. We are thrilled to enable investor access to CyberCube’s leading models on the CatX platform, providing another source of capital in this quickly expanding market,” Wirth said.

Benedict Altier, chief executive officer of CatX, also remarked on the growing market interest in cyber products now and in the future.

“Alternative capital will play a critical role in improving the stability of the broader cyber market insurance market. Partnering with CyberCube will give brokers, insurers, and investors access to leading cyber risk analytics directly on the CatX platform,” Altier said.

Lucas Schneider, chief technology officer at CatX, also shared his vision for the platform’s future.

“Working with CyberCube will help us further our ambition to become the leading venue for cyber index-based and parametric reinsurance and retrocession transactions. CyberCube’s datasets will help to augment our ILS-analytics suite supporting risk-adjusted pricing, scenario analysis and benchmarking,” he said.

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