Capsicum Re and Swiss Re unveil cyber reinsurance platform

Capsicum Re and Swiss Re have teamed up to launch Decrypt, a new holistic cyber reinsurance platform. It provides a single end-to-end solution to insurers’ cyber exposure challenges, including embedded, silent, and affirmative cyber risks.

It will be brought to the market at the Monte Carlo Rendez-Vous Conference on September 8.

Decrypt’s modular approach is comprised of risk identification, quantification and transfer. It offers 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.

Maya Bundt, head of cyber and digital solutions at Swiss Re, claimed Decrypt is the first holistic cyber solution to help insurers identify and manage their cyber risk exposures, while meeting growing regulatory and internal requirements.

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.”

Anthony Cordonnier, head of cyber product management at Swiss Re, said: “'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.”