CyberCube, a leading cyber risk modeling and analytics business, today announced an investment of more than $180M by Spectrum Equity, subject to customary regulatory approvals. With this investment, Spectrum Equity will join existing investors ForgePoint Capital, Hudson Structured Capital Management (Bermuda) Ltd, and MTech Capital, as a cornerstone institutional investor, supporting the company’s long-term growth and innovation.
CyberCube is the analytics engine powering sustained, global growth in cyber insurance. It is a trusted partner to more than 130 clients across the cyber (re)insurance value chain and beyond. Its solutions are utilized by 75% of the top 40 US and European cyber insurers (by gross written premiums) and the majority of the top 20 global brokers. Blue-chip and emerging participants in the cyber insurance sector trust CyberCube’s analytics to make informed business decisions on risk distribution, risk selection, and portfolio and capital management.
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The new investment will 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 new investment, CyberCube can deliver more impact, at scale, across the insurance value chain and beyond to organizations and society in the years to come.
Pascal Millaire, CyberCube CEO, said: “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 has appointed a new Chair of the Board of Directors, Scott G. Stephenson, former Chairman, President, and CEO of Verisk. Stephenson has been a member of CyberCube’s Board since 2022. “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.
Mike Farrell, Spectrum Equity Managing Director, said: “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.”
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