DeNexus Inc, a provider of second-generation cyber risk quantification and management services to industrial enterprises and critical infrastructure owners and operators, and the cyber insurance market, has strengthened its risk transfer solutions capabilities with the hire of Insurance-Linked Securities (ILS) expert George Mawdsley.
George has been appointed Head of Risk Solutions, with a focus on developing the next generation of risk transfer solutions for the cyber insurance and ILS markets, leveraging DeNexus’ best-in-class cyber risk quantification and management platform DeRISK.
Reporting into Jose Seara, Founder and Chief Executive Officer of DeNexus, George joins from Securis Investment Partners, where he spent 10 years in the structuring and origination of ILS risk. Prior to that, he was Lloyd’s Special Risks Underwriter at Hiscox in London.
“George will be an asset to the DeNexus team and strategically critical in our mission to build the global standard of industrial cyber risk quantification for agencies, shareholders, investors, boards and risk transfer market,” said Mr. Seara. “I firmly believe that insurance is a mandatory tool for the proper management of cyber risk, and developing the secondary market and attracting alternative capital is a must for efficient cyber risk transfer solutions to develop, and for the market to scale to its full potential. It is DeNexus’ aim to build up our expertise in order to properly service the cyber risk transfer market, building up from the years of experience serving cyber risk owners, and the knowledge and cyber data accumulated in that process.”
He added: “George’s experience in origination in the ILS space will further strengthen DeNexus’ understanding of the complex and unique challenges facing ILS investors when securitizing cyber risk, and help us to create innovative fit-for-purpose ILS solutions for the future.”
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“I had no hesitation in joining this stellar team,” said Mr. Mawdsley. “They have a superior cyber risk quantification and management product, and exciting ambitions to support a cyber ILS market. I am excited to work side-by-side with DeNexus to effectively connect cyber risk with alternative capital and really make an impact on the cyber insurance market.”
DeNexus has developed credible modelling that produces evidence-based data in order to quantify cyber risk and support the development of the cyber re/insurance and cyber ILS markets. It has launched a series of ever-improving cyber risk quantification models under its DeRISK platform, which are aimed at helping industrial organizations, underwriters, reinsurers and ILS investors fully understand and price the real risks associated with cyber breaches.
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