Hamilton, Bermuda, November 21, 2022 – Relm Insurance Ltd. (Relm), a market-leading specialty insurance carrier serving emerging industries, has inked a strategic partnership with renowned cyber risk analytics firm CyberCube to bolster its cyber underwriting business with advanced analytics, artificial intelligence and advanced risk modeling and assessment capabilities.
Launched in 2019 as the first commercial insurer licensed under the Bermuda Monetary Authority’s “Innovative Insurer General Business” (Class IIGB) regulatory framework, Relm partners with a global distribution network of brokers to develop insurance solutions for businesses and institutions operating at the forefront of emerging industries, with a focus on digital assets/Web3.0, cannabis and psychedelics.
Relm will leverage CyberCube’s sophisticated technology platforms, including Account Manager and Portfolio Manager, to enhance underwriting decision-making with industry-specific threat risk scores, financial loss frameworks, and real-time data and insights.
Sean Omar, CyberCube’s Sales Manager – Americas, said: “This partnership with Relm demonstrates we are continuing to broaden our reach within other, non-traditional insurance markets. It will allow us to demonstrate further that our data accuracy, methodology and expert personnel can be utilized effectively to help create a profitable framework, regardless of industry. By licencing our products, Relm finds itself in a position for rapid success as it rolls out more in-depth risk selection protocols.”
Donavan Burgess, Relm Senior Vice President – Digital Assets, Cyber & Professional Lines, said: “The advent of cryptocurrency and the utilization of blockchain technology have created a new set of cyber exposures. CyberCube’s mix of data, actionable insights, team of experts and footprint across the insurance value chain will provide us with the best springboard to grow our business over the coming years.”
Portfolio Manager is a scenario-based data-driven model that enables risk professionals to develop insights for their senior leadership and underwriting teams. It also allows stress testing of portfolios of insurance risk so that loss drivers and areas of accumulation risk can be identified.
Account Manager is designed for risk carriers and is used by leading companies across the insurance ecosystem. It enables underwriters to make efficient, data-driven risk selection decisions.
Relm Insurance Ltd. (Relm) is a Bermuda-domiciled specialty insurance carrier serving emerging industries, with a focus on digital assets/Web3.0, cannabis and psychedelics. Launched in 2019 to address the scarcity of traditional insurance capacity available to nascent markets, Relm is playing an active role in bolstering the resilience of the industries it serves. The firm’s unrivalled industry expertise and willingness to collaborate on creative solutions make Relm a highly sought-after risk partner for businesses and institutions operating at the forefront of innovation.
Relm is licensed and regulated by the Bermuda Monetary Authority and holds an ‘A, Exceptional’ Financial Stability Rating from Demotech, Inc., a Nationally Recognized Statistical Rating Organization (NRSRO) serving the insurance industry.
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 make better decisions when placing insurance, underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modelling 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 and backing from ForgePoint Capital, HSCM Bermuda, MTech Capital and individuals from Stone Point Capital. For more information, please visit www.cybcube.com or email email@example.com.