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IGI launches Bermuda-based cyber treaty reinsurance MGA Cipher
Cipher will initially focus on building a cyber treaty portfolio, with operations dependent on Bermuda Monetary Authority approval for registration and licensing.
International General Insurance Holdings Ltd. (IGI) said it has launched Bermuda-based Cipher Underwriting Ltd., a specialty treaty reinsurance managing general agent (MGA) aimed at providing cyber treaty underwriting expertise and solutions globally, led by reinsurance specialist Ari Chatterjee.
IGI said Cipher is designed to meet what it described as rising demand for specialty cyber treaty reinsurance as cyber risk evolves across businesses, economies, and critical infrastructure.
The company also said it owns a 60% interest in Cipher through its wholly owned subsidiary, IGI Managing Agencies Holdings Ltd., giving Cipher access to the AI-integrated MGA platform and the ability to deploy capital across a diversified worldwide portfolio of specialty reinsurance business.
Cipher’s initial focus is to develop a portfolio of cyber treaty business with lead capabilities, targeting high-growth emerging risks within the MGA structure, and IGI added that Cipher’s operations will start only after applicable regulatory approvals, including registration and licensing by the Bermuda Monetary Authority.