Resilience, an industry leader in cyber insurance and security solutions, has announced an important development to its approach to cybersecurity risk management with the creation of a captive reinsurance company. Through the captive, Resilience Cyber Insurance Solutions retains a share of each risk it underwrites, fueling additional growth while demonstrating its long term commitment to underwriting a profitable and sustainable book on a global scale.
“The foundation of our approach – connecting insurance and security – is about both selecting better risks and making the risks we select better – and that should be the collective objective of every part of the insurance value chain. The captive accomplishes that by aligning the interests of insurers, reinsurers, brokers, clients, and our agency ” said Mario Vitale, CEO of Resilience Cyber Insurance Solutions. “Cyber risks are anything but static – constantly changing as they are driven by human behavior; so, the market needs to respond in kind with evolving and innovative products. The captive increases our flexibility and supports our creativity in developing new client-centric products.”
The Resilience model, integrating security and insurance, provides intuitive cyber coverage along with in-house security services for every client. This unique combination is unmatched in the industry. By assuming a portion of the risk it underwrites through the captive, Resilience builds additional trust with clients and capacity partners.
“Our aim has always been to build a profitable, long term Insurance business. Setting up a captive to retain risk and align our interests with our capacity partners is a logical and natural next step,” said CJ Pruzinsky, Chief of Underwriting for North America at Resilience. “Our insure + secure model enables our responsible growth and we’re very excited about what this means for the market.”
Earlier this month, Resilience earned delegated authority as a Coverholder at Lloyd’s, the world’s leading insurance and reinsurance marketplace. This, along with the launch of the captive, sets the stage for accelerated responsible growth internationally going into 2022.