Kovrr, a cyber risk modeling company, today announced that they will collaborate with Deutsche Rück, an international reinsurer and leading reinsurer in Germany, to support Deutsche Rück’s own cyber risk modeling by implementing the Kovrr platform to validate analyses.
Kovrr’s solution provides (re)insurers fully optimized models built bottom-up, utilizing data that closely corresponds to risk composition by territory, industry, entity size, and technologies/ services used by insureds, allowing reinsurers the ability to assess their cyber risk exposure, including circumstances where data on the risk composition is limited.
“We’re aware of the challenges of modeling cyber risk,” said Thomas Axer, Head of Central Underwriting Management at Deutsche Rück. “We want to make sure we’re properly accounting for all types of events that may come our way, by validating our own analyses with Kovrr’s support. Kovrr’s platform delivers best in class analytics and unique views of risk which gives us confidence in the insights provided.”
Yakir Golan, CEO of Kovrr, said, “Kovrr’s financial cyber risk quantification solutions are a perfect fit for the reinsurance market and provide risk professionals with new insights to better understand and quantify cyber risk. We’re thrilled to be a part of Deutsche Rück’s cyber insurance journey.”
About Kovrr
Kovrr’s cyber risk modeling platform delivers global (re)insurers transparent, data driven insights into their affirmative and non-affirmative cyber risk exposures. The Kovrr platform is designed to help underwriters, exposure managers and catastrophe modelers understand, financially quantify and manage cyber risk by utilizing AI-powered risk models. For more information please visit www.kovrr.com. Follow us on Twitter and LinkedIn.
About Deutsche Rück
A trusted partner to the insurance industry for over 70 years, Deutsche Rückversicherung AG and its subsidiary Deutsche Rückversicherung Switzerland Ltd offer reinsurance cover on the European insurance market and selected markets in the Middle East, North Africa and Latin America. Thanks to outstanding long-term credit ratings and consistent market performance, the Group companies are much sought-after and well established in Germany as leading reinsurers. In 2019, the Deutsche Rück Group generated gross premiums of more than €1.1 billion. The rating agency Standard & Poor’s regularly confirms its “A+” rating with a “stable” outlook for the Group, emphasizing Deutsche Rück’s sustainable and strong capital base, risk-adequate underwriting and a conservative strategy for the recognition of reserves.
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