Falcon Risk Services, a majority-owned MGA under HDI Global Specialty, which is a subsidiary of HDI Global SE, has partnered with ArxNimbus, a company in cybersecurity risk management, to reshape the approach to cyber risk quantification.
This collaboration merges Falcon Risk Services’ broad insurance expertise with ArxNimbus’ advanced actuarial-based cyber risk quantification (ACRQ) technology.
The partnership is expected to significantly enhance the way cyber risks are evaluated and how insurance policies are developed.
“Our partnership with ArxNimbus marks a significant leap forward in our underwriting capabilities,” added John Merchant, Head of Cyber and Professional Liability at Falcon Risk Services.
“By leveraging ArxNimbus’ advanced risk quantification and analysis tools, we’re poised to offer our insureds more precise, tailored, and competitive cyber insurance solutions.”
The partnership brings several key advantages to Falcon’s underwriting process. First, it leverages ArxNimbus’ proprietary Advanced Actuarial-based Cyber Risk Quantification (ACRQ), which integrates actuarial science with cybersecurity expertise for highly accurate risk assessments.
This allows for a more detailed and precise evaluation of each client’s specific risks, accounting for industry-related threats and vulnerabilities.
Additionally, it provides near real-time, synchronised visualisations of an applicant’s cybersecurity landscape, facilitating more informed underwriting decisions.
The collaboration also enables advanced comparative analysis, allowing clients to be benchmarked against industry standards and peers for better risk evaluation. Lastly, predictive analytics are used to forecast potential shifts in risk profiles, helping design more forward-looking policies based on trends and emerging threats.
David Moon, Founder and CEO at ArxNimbus, commented: “We’re thrilled to partner with Falcon Risk Services, a company known for its commitment to excellence in specialty insurance while at the same time enjoying the backing of the HDI Group. Our ACRQ technology will empower Falcon’s underwriters with unparalleled insights, enabling them to make more informed decisions and offer policies that truly reflect each client’s unique risk profile.”
This strategic partnership is anticipated to offer substantial advantages for Falcon’s insureds, such as more accurately priced premiums that align with actual risk levels, enhanced risk management guidance based on thorough assessments, and a more efficient underwriting process that results in faster service.
