13 March 2023, LONDON — 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.
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.”
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.”
About CyberCube
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.
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 backed by Morgan Stanley Tactical Value, Forgepoint Capital, HSCM Bermuda, MTech Capital, individuals from Stone Point Capital and Scott G. Stephenson. For more information, please visit www.cybcube.com or email info@cybcube.com.
About Peak Re
Peak Reinsurance Company Limited (“Peak Re” or the “Company”) is a Hong Kong-based global reinsurance company. Since commencing its operations in 2012, the Company has grown steadily to rank 27th among global reinsurance groups in terms of net reinsurance premiums written*. In the year ended 31 December 2021, Peak Re reported gross and net written premiums of USD2,145 million and USD1,794 million, respectively. With total equity of USD1,470 million as of 31 December 2021, Peak Re enjoys an “A-” rating by AM Best.
Peak Re is authorised by the Insurance Authority of Hong Kong under the Insurance Ordinance (Cap. 41). The Company offers both Property & Casualty (“P&C”) and Life & Health (“L&H”) reinsurance. It strives to provide clients around the globe with innovative and tailored reinsurance, risk management and capital management solutions.
Fosun International Limited (00656.HK) and Prudential Financial, Inc. hold approximately 87% and 13% of Peak Re via Peak Reinsurance Holdings Limited, respectively.
*Source: S&P Global Ratings' Top 40 Global Reinsurance Groups 2022 by Net Reinsurance Premiums Written