Bermuda-based platform will initially target global cyber treaty business, with IGI taking a 60% stake through its newly formed managing agencies operation
International General Insurance (IGI) has launched Cipher Underwriting, a Bermuda-based MGA focused on specialty cyber treaty reinsurance.
The commencement of operations remains subject to regulatory approvals, including registration and licensing by the Bermuda Monetary Authority.
Cipher will be led by Ari Chatterjee, who has more than 20 years of industry experience, including over a decade in cyber reinsurance.
IGI said the platform had been established in response to growing demand for specialist cyber treaty capabilities as exposures evolve across businesses, economies and critical infrastructure.
The insurer owns a 60% interest in Cipher through wholly owned subsidiary IGI Managing Agencies Holdings.
IGI said the AI-integrated MGA platform would initially focus on building a diversified global portfolio of cyber treaty business with lead capabilities, targeting high-growth emerging risks.
The structure could subsequently be used to support further product diversification and growth opportunities.
Cipher is also the first venture launched through IGI Managing Agencies, which has been established as a platform for strategic partnerships, new product development and incubation of underwriting teams within an MGA structure.
Waleed Jabsheh, president and CEO of IGI, said: “This is a significant and exciting development for IGI as we continue to strengthen our specialty reinsurance capabilities and invest in areas of the market where we see strong long-term growth potential.
“By embedding Cipher within the IGI framework, we achieve immediate product and geographic diversification into non-correlated classes of business.”
Jabsheh said cyber treaty reinsurance required “deep technical expertise, disciplined underwriting and a thorough understanding of an evolving risk landscape”.
“Ari brings significant experience and leadership within the cyber reinsurance market, and Cipher provides a strong platform from which to build a differentiated and sustainable specialty treaty reinsurance business,” he added.
Chatterjee said: “We are privileged to partner with IGI in launching Cipher.
“IGI brings institutional credibility, excellent financial security, strong governance, and an experienced, stable leadership team that will help us capitalise on attractive opportunities and deliver sustainable, risk-adjusted profitability,” he continued.
Jabsheh added that IGI would continue to pursue portfolio diversification selectively.
“Our strategy has always been to enter new markets thoughtfully, with the right talent and structure in place,” Jabsheh added.
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