CyberCube, a provider of cyber risk analytics for the re/insurance industry, has secured a sizeable investment of over $180 million from Spectrum Equity, a new cornerstone investor, which will be used to fuel the future development of the firm’s products and solutions to quantify cyber exposures.
Spectrum Equity, a growth equity firm founded in 1994, joins CyberCube’s existing investors ForgePoint Capital, Hudson Structured Capital Management (Bermuda) Ltd, and MTech Capital, as a cornerstone institutional investor.
CyberCube launched as a standalone, independent VC-backed company in 2018, and according to the announcement on this significant investment, the firm is now a trusted partner to over 130 clients across the cyber insurance and reinsurance value chain, and its solutions are leveraged by 75% of the top 40 US and European cyber insurers, by gross written premiums, as well as many of the world’s top re/insurance broking groups.
The more than $180 million investment will reportedly “fuel the long-term development of CyberCube’s cutting-edge products and solutions to quantify cyber risk while accelerating go-to-market expansion in the global insurance, reinsurance, and broking industry.”
With this investment, which is subject to customary regulatory approval, CyberCube expects to be able to deliver more impact at greater scale across the re/insurance value chain and beyond to organisations and society in the years ahead.
Today, the cyber risk analytics company has also announced that Scott G. Stephenson, former Chairman, President, and CEO of Verisk, who has been a member of CyberCube’s Board since 2022, has been appointed as Chair of the Board.
“I am confident in the long-term growth of the cyber insurance sector and recognize in CyberCube’s mission the need for robust analytics tools to support this growth and assist cyber risk decision-making. As CyberCube scales the value it is driving for organizations and society, I’m excited to take a more prominent role in charting CyberCube’s course to success in this endeavor,” said Stephenson.
Pascal Millaire, CyberCube CEO, commented: “Cyber has the potential to become one of the largest lines of Property and Casualty insurance, as internet-connected technologies and artificial intelligence transform all corners of the global economy. With the additional capital from Spectrum Equity, CyberCube is even better positioned to deliver the analytic tools our insurance clients need to sustainably grow into the 2030s.”
“CyberCube is a market-leading company that is transforming the way the insurance sector trades cyber risk. We’re excited to support the company and its management in expanding its product set and global reach in one of the most strategic growth areas for the insurance industry,” added Mike Farrell, Spectrum Equity Managing Director.
Latham & Watkins LLP represented Spectrum Equity as legal counsel on the transaction, while Evercore acted as financial advisor to CyberCube, and Cooley LLP represented CyberCube as legal counsel.
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