Log In

Reset Password

HSCM adds to its investment in CyberCube

First Prev 1 2 Next Last
Delighted: Michael Millette, co-founder and managing partner at HSCM Bermuda

Hudson Structured Capital Management (Bermuda) Ltd has continued its investment in CyberCube by participating in a $50 million growth capital raise by the cyber risk analytics company.

CyberCube said the capital came from investment funds managed by Morgan Stanley Tactical Value, with continued participation from all existing investors – HSCM Bermuda, Forgepoint Capital, Tech Capital, and key investors from Stone Point Capital.

Scott G Stephenson, former chairman, president and CEO of Verisk, also participated in the financing and will join the CyberCube board as a director.

This latest financing brings CyberCube’s total capital raised to more than $100 million.

CyberCube models cyber risk to allow insurers and brokers to understand their portfolios’ exposure to cyber threats while enabling their clients to better protect themselves.

The company’s products also aid underwriters in their evaluation of individual commercial risks during the underwriting process.

The new funding will fuel the commercial 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, the company said.

“This is an exciting milestone in our mission to empower modern industry and society with world-leading cyber risk analytics so everyone can make better decisions,” said Pascal Millaire, CEO of CyberCube.

Michael Millette, co-founder and managing partner at HSCM Bermuda and CyberCube board member, said: “CyberCube has built a market-leading position in a pivotal role in the cyber insurance value chain.

“The quantification of cyber risk through robust modelling will allow industry participants to predict risk levels and provide useful pricing information.

“We are delighted to continue our support of CyberCube in its mission to deliver data-driven cyber risk analytics built for the insurance industry.”

CyberCube said it was trusted by some of the world’s largest and most sophisticated re/insurance and broking entities to enable faster, data-driven decisions on cyber catastrophe management, capital allocation, and individual risk underwriting, and continued to achieve remarkable success as the category leader in portfolio and broking management.

In 2022 alone, CyberCube announced strategic partnerships with Bermudian-based Relm Insurance, Elpha Secure, Kapnick, Relay, EXL, AkinovA, Baldwin Risk Partners, McGill and Partners, CyberAcuView, QBE, Kroll, URS, Cooper Gay, RT ProExec, Duck Creek Technologies, Majesco, Fermat Capital Management, TrueNorth, and Converge Insurance, which is also a Forgepoint company.

Exciting milestone: Pascal Millaire, CEO of CyberCube

You must be Registered or to post comment or to vote.

Published December 20, 2022 at 7:18 am (Updated December 20, 2022 at 7:18 am)

HSCM adds to its investment in CyberCube

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon