IGI launches Cipher MGA with Ari Chatterjee as cyber reinsurance lead
International General Insurance Holdings (IGI) has launched Cipher Underwriting, a Bermuda-based specialty treaty reinsurance MGA led by Ari Chatterjee, as it targets growth in the global cyber reinsurance market.
Chatterjee is a reinsurance specialist with more than 20 years of industry experience, including over a decade focused on cyber reinsurance. His experience includes work on market standards for data and policy wordings.
IGI owns a 60% interest in Cipher through its wholly owned subsidiary IGI Managing Agencies Holdings. The MGA platform is intended to deploy capital into a diversified worldwide portfolio of specialty reinsurance business, with the structure also providing scope for future product and diversification opportunities.
Cipher is the first venture launched through IGI Managing Agencies, which was established to support strategic partnerships for developing new product lines and incubating teams within an MGA structure.
IGI president & CEO Waleed Jabsheh (pictured) 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.
“Cyber treaty reinsurance is a highly specialised class requiring 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."
Chatterjee added: “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 capitalize on attractive opportunities and deliver sustainable, risk-adjusted profitability.”
Did you get value from this story? Sign up to our free newsletters and get stories like this sent straight to your inbox.
