Cyber insurance and security provider Resilience Cyber Insurance Solutions announced that it has created a captive reinsurance company.
Through the captive, Resilience will retain a share of each risk it underwrites. CJ Pruzinsky, executive vice president and chief underwriting officer for North America at Resilience, said creation of the captive comes on the back of the company’s international and domestic growth plans.
“Coming off a very successful first year in the market, this is an excellent time to ‘put our money where our mouth is’ and take a share of the risks we are writing alongside our (re)insurance partners,” he said.
An international expansion will give Resilience access to new customer bases in markets where it is needed, Pruzinsky added.
“Cyber risk is not limited in geography, and our security-focused approach works in any market,” he said. “International expectations are already beginning to be realized with the latest news of our Lloyd’s coverholder status, and we are expected to launch shortly with underwriting capability across the UK and Europe.”
Earlier this month, Resilience earned delegated authority as a coverholder at Lloyd’s. Pruzinsky said the company is aiming to continue engaging with its in-house security practitioners and third-party partners to bring resources to clients, such as real-time alerts and guidance, to stay in front of emerging risks in a cyber market that is changing all the time.
“Cyber risks are anything but static—constantly changing as they are driven by human behavior,” said Resilience Cyber Insurance Solutions CEO Mario Vitale in a company press release. “So, the market needs to respond in kind with evolving and innovative products.”
Resilience provides insurance coverage and patented cybersecurity tools to protect mid-market companies. Resilience Cyber Insurance Solutions is the cyber program manager of Intact Insurance Specialty Solutions, which is backed by the financial strength of Intact Financial Corporation. Resilience is backed by General Catalyst, Lightspeed Venture Partners, Founders Fund, CRV, Intact Ventures, Shield Capital and Corey Thomas. Coverage offered through Lloyd’s will be offered through an approved coverholder.