IGI launches cyber reinsurance MGA

International General Insurance Holdings has launched Cipher Underwriting, a Bermuda-based MGA focused on cyber treaty reinsurance.

IGI owns a 60% stake in Cipher through its newly formed subsidiary, IGI Managing Agencies. Led by Ari Chatterjee, the MGA will initially build a global portfolio of cyber treaty business with lead underwriting capabilities.

Cipher is the first venture launched through IGI Managing Agencies, a platform established to form strategic partnerships, develop new product lines, and incubate underwriting teams within an MGA structure.

The launch remains subject to regulatory approval and licensing by the Bermuda Monetary Authority.

“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.” – IGI President & CEO Waleed Jabsheh.