CyberCube, the market participant focused on cyber risk analytics, announced that Toa Re has licensed its Portfolio Manager platform in order “to support its cyber book and to achieve best practice risk management solutions.”
Toa Re Europe is “a Swiss-licensed reinsurance company established in 2002 and a wholly-owned subsidiary of the Japanese reinsurer, Toa Reinsurance Company, Ltd.”
It offers reinsurance capacity “to insurers and brokers across Europe,” and other world regions.
Toa Re Europe’s core focus is “on non-life treaty reinsurance business.”
It will utilize CyberCube’s Portfolio Manager to “enable data-driven risk transfer solutions.”
Portfolio Manager is the (re)insurance industry’s cyber risk modeling platform of choice, allowing stress testing of portfolios against “a range of systemic cyber-related scenarios including data breaches, cloud outages, and global ransomware attacks among others.”
Roxy Ionescu, CyberCube Sales Manager, said:
“We are extremely delighted to partner with Toa Re Europe as it looks toward continued profitable growth in the cyber reinsurance market. Portfolio Manager will empower Toa Re to assess cyber risk, determine optimal pricing, and refine its risk management strategies.”
Philippe Regazzoni, Toa Re Europe CEO, said:
“Cyber is one of the most strategic business lines for a professional reinsurer and will become a core placement for most of our clients across EMEA. For a professional reinsurer like Toa Re, the development of risk and portfolio management capabilities is crucial for our ability to offer adequate cyber treaty capacity to our clients. The cooperation with CyberCube is a key step in the development of the required capabilities.”
CyberCube delivers the 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.”
The CyberCube platform was established “in 2015 within Symantec and now operates as a standalone company exclusively focused on the insurance industry, with access to an unparalleled ecosystem of data partners.”
It is reportedly backed “by Morgan Stanley Tactical Value, Forgepoint Capital, HSCM Bermuda, MTech Capital, individuals from Stone Point Capital and Scott G. Stephenson.”