Cyberwrite expanding into cat modelling after hiring Lloyd’s emerging risks head Lo Giudice

Risk quantification firm Cyberwrite is launching a new cyber catastrophe modelling practice led by Lloyd’s former head of emerging risks Marco Lo Giudice, Cyber Risk Insurer can reveal.

Cyberwrite was launched in 2017 by founder and CEO Nir Perry as a platform to provide security vulnerability analysis to potential insureds, in part to encourage them to buy cyber insurance, but also as a tool for underwriters in their risk selection.

Its patented models are capable of analysing more than 50,000 deterministic cyber risk scenarios at both the individual event and company levels for multiple events, and can provide granular insights into portfolios of any size.

Lo Giudice had been head of emerging risks at Lloyd’s since November 2022, and previously spent nearly three years with cyber modelling firm Kovrr, where he was head of pricing models development.

He previously served as London head of pricing at Tokio Millennium Re, which was acquired in 2019 by RenaissanceRe, and also spent time working at Atrium, Sagicor and Willis Re.

A spokesperson for Cyberwrite confirmed Lo Giudice’s hire and said he played a pivotal role in developing Lloyd’s cyber risk strategy.

“Cyberwrite’s advanced cyber intelligence and analytics capabilities are positioning insurers, reinsurers and ILS market participants to better allocate capital to support the growth of cyber insurance,” Lo Giudice said in a statement.

“As transparency is central to Cyberwrite’s approach, our models ensure that stakeholders have the clear, actionable information they need to drive informed decisions and increase accuracy and profitability,” he continued.

“These innovations are paramount for the market to reach its potential, which is expected to reach $50bn by 2030,” Lo Giudice added.

Perry also commented on Lo Giudice’s appointment.

“His extensive experience and deep expertise in catastrophe modelling is invaluable as we continue to innovate and lead the way in cyber insurance modelling,” Perry said in a statement.

“Cyberwrite’s ongoing success is rooted in our commitment to transparency, data-driven insights and cutting-edge technology,” he added.

“Marco’s leadership will further strengthen our ability to deliver exceptional value to our client base, which enjoys best-of-breed cyber insurance analytics solutions.”

Cyberwrite said the flexibility of its platform supports comprehensive catastrophe modelling of individual risks, entire books of business, portfolio roll-up and detailed marginal contribution analysis.

Those tools, it said, empower insurers to better understand individual risks and their portfolios as well as effectively assess catastrophe risks across all company sizes, from micro-SMEs to large global corporates.

The insurtech collects infographic data on each and every risk regardless of its size to avoid the need to use assumptions that may lead to distorted analysis, which may cause market growth to slow down.

Cyberwrite will be in attendance at this year’s Rendez-Vous de Septembre in Monte Carlo, presenting its catastrophe modelling approach at the 66th edition of the event.

The insurtech’s platform uses machine learning to calculate the costs of damages from ransomware, data restoration, breach notification and monitoring the dark web.