CatX Partners with CyberCube to Boost Cyber Capabilities

CatX Partners with CyberCube to Boost Cyber Capabilities
CatX, a digital marketplace that connects (re)insurers and brokers with alternative capital, has announced a strategic partnership with CyberCube to enhance its cyber capabilities.

The news follows on from CatX securing $2.7 million in seed funding in the latter part of 2023. In February, the digital marketplace also partnered with risk modeling firm Moody’s RMS to help brokers and cedents access a wider range of capacity and improve their risk modeling and pricing capabilities.

The collaboration integrates CyberCube’s Portfolio Manager into CatX’s marketplace, providing a scenario-based catastrophe model that offers senior leadership crucial portfolio-level insights for decision-making.

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In addition, CatX’s customers will benefit from CyberCube’s Industry Exposure Databases, which enable (re)insurers and brokers to conduct benchmarking, sensitivity, and analysis for cyber risks as they assess Industry Loss Warranties (ILW) participation.

CatX CEO Benedict Altier highlighted the growing interest from investors in cyber insurance-linked security (ILS) products, projecting significant expansion in the segment over the next few years.

He said: “Alternative capital will play a critical role in improving the stability of the broader cyber market insurance market. Partnering with CyberCube will give brokers, insurers, and investors access to leading cyber risk analytics directly on the CatX platform.”

Ross Wirth, Head of Partnership & Ecosystem at CyberCube, also commented, saying: “This strategic partnership will help provide greater confidence to investors seeking additional access to investments such as industry loss warranties.

“We are thrilled to enable investor access to CyberCube’s leading models on the CatX platform, providing another source of capital in this quickly expanding market.”

Lucas Schneider, Chief Technology Officer at CatX, added, “Working with CyberCube will help us further our ambition to become the leading venue for cyber index-based and parametric reinsurance and retrocession transactions.

“CyberCube’s datasets will help to augment our ILS-analytics suite supporting risk-adjusted pricing, scenario analysis and benchmarking.”

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