Acrisure Re, the insurance broking and corporate risk advisory firm with an operation in Bermuda, has launched a London-based cyber reinsurance division in partnership with cyber-risk modeller, Kovrr.

The company said the new division will be led by cyber practice leader, Tom Quy, and will offer the market a fresh perspective on cyber reinsurance by coupling the extensive knowledge base of its trusted brokers with its world class analytics team to provide solutions that will mitigate its clients’ exposure to cyber-risk.

It added that the partnership with Kovrr will add an extra layer of expertise to the new division by providing clients with transparent and data-driven risk analysis, which will further enable them to make enhanced decisions when purchasing cyber reinsurance.

Kovrr’s multi-model technology allows clients to stress test their portfolios and identify loss drivers and areas of accumulation risk, Acrisure said.

Jason Howard, chief executive officer of Acrisure Re, said: “The cyber market has experienced significant challenges in recent months, resulting in a hardened market.

“As such, this has presented us with an opportunity to offer a product which combines our collaborative advisory and analytical capabilities with Kovrr’s unique approach to risk modelling.

“This partnership will strengthen the new cyber reinsurance division and we look forward to seeing the positive results it produces among clients.”

Mr Quy said: “I am delighted to be partnering with Kovrr as we launch our cyber division. Over the past couple of years, I have worked with the Acrisure London Wholesale team to expand its cyber offering and I am excited to be doing the same for Acrisure Re.

“Our partnership with Kovrr will add a new dimension to our existing expertise. Modelling the impact of cyber incidents on an insurer’s portfolio is key to supporting the further growth of the cyber reinsurance industry, and our partnership will enhance our ability to be at the forefront of this.”

Yakir Golan, CEO of Kovrr, said: “It’s clear that reinsurance brokers are a fundamental asset to the cyber insurance value chain and that they’ve placed great merit on cyber expertise as an important qualifier for modelling cyber-risk.

“The addition of a forward-thinking reinsurance broker such as Acrisure Re to our customer base and being a part of their journey of building out their cyber reinsurance division is a meaningful milestone for Kovrr.”

Acrisure Re, the reinsurance division of global insurance broker and fintech services provider Acrisure, provides risk management solutions for complex and technical books of business.

Headquartered in London, Acrisure Re has operations in Amsterdam, Bermuda, Toronto, Zurich, Atlanta, Burlington NC, Minneapolis, New York, and Seattle.