Peak Re, a Hong Kong-based global reinsurance company that focuses on supporting the needs of communities and emerging middle-class in Asia and around the globe, has selected cyber risk analytics specialist CyberCube to help quantify client cyber exposure.
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“We are delighted Peak Re has chosen CyberCube as its underlying model for making informed decisions. Our partnership with Peak Re will become a catalyst to continue the growth and expansion of cyber capacity across different markets.”
Peak Re, which boasts a global portfolio with a heavy presence in its core Asian markets, will license CyberCube’s Portfolio Manager. Portfolio Manager is a cyber risk accumulation model that enables (re)insurance professionals to develop insights for their senior leadership and teams, allowing them to leverage CyberCube’s robust data lake and cybersecurity expertise. It also allows stress testing of cyber portfolios so that loss drivers and potential accumulation events can be identified.
Ross Smith, CyberCube Sales Manager, said: “We are delighted Peak Re has chosen CyberCube as its underlying model for making informed decisions. Our partnership with Peak Re will become a catalyst to continue the growth and expansion of cyber capacity across different markets.”
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Jon Choi, CyberCube Principal Consultant and Actuary, added: “Peak Re’s presence in the market and use of Portfolio Manager will help to create innovative reinsurance solutions for cyber perils in Asia and beyond. Our tool will empower Peak Re to understand cyber risk better, particularly with regards to the unique technologies and opportunities within the Asian market as it pertains to the evolving risk of cyber threats.”
Edward Shen, Director, Head of Casualty Product Underwriting of Peak Re, said: “By using CyberCube’s platform, Peak Re will enhance its presence in the cyber market with greater confidence. Data-driven analytics will provide us with a deeper understanding of accumulation risk and help us better serve our customers in the expectation of the continuing growing demand for cyber reinsurance globally.”
CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company’s cloud-based platform helps insurance organizations quantify cyber risk to facilitate placing insurance, underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modeling on thousands of points of technology failure.
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