Resilience, a cyber risk solution provider, raised its underwriting capacity to £10 million ($12 million) for UK and EU insureds. RSA Insurance and R&Q Accredited have made this expansion possible through a strategic partnership. HDI Global Specialty supports Resilience’s existing capabilities in the UK and the EU, which aligns with Resilience’s overall strategy.
Cyber threats evolve and become more intricate. Businesses in the UK and Europe need a proactive approach to cyber risks. A recent report by the EU Agency for Cybersecurity (ENISA) revealed that 75% of Operators of Essential Services (OESs) lack cyber insurance. This highlights a gap in the ability of critical entities to handle the financial impact of cyber threats like ransomware. We need better-suited insurance products.
“Global Problem”
“Cybercrime is a global problem and threats from criminal actors are becoming more and more difficult for enterprises to defend against.”
Vishaal “V8” Hariprasad, Resilience.
Vishaal “V8” Hariprasad, CEO and Co-Founder of Resilience stated, “Cybercrime is a global problem, and the challenges posed by criminal actors are increasingly daunting for enterprises. By adopting a cyber resilience approach, businesses can absorb digital blows without jeopardizing their core operations. With this capacity increase, we are thrilled to have Rehan Hussain, Head of Underwriting for International, and Tom Ryan, Head of Cyber for UK, Ireland, & the Nordics, stepping into pivotal roles to lead this significant expansion.”
Rehan Hussain, Head of Underwriting for International, emphasized the demand for increased capacity and a more comprehensive cyber risk solution. He stated, “Effectively managing this risk requires a partnership mentality. RSA and Accredited enable us to expand our collaboration with clients, building on the success we’ve achieved with the Resilience Solution over the past year.”
Steve Watson, Managing Director UK Specialty Lines at RSA, expressed enthusiasm about their partnership with Resilience. “We’re delighted to build on our partnership with Resilience and work with them to bring their cyber risk solutions and unrivaled level of expertise to the UK and European markets,” said Watson.
“100%”
Resilience’s approach to cyber risk goes beyond traditional insurance transactions to build strong relationships with clients and brokers. Their cyber risk solution enables clients to monitor, interpret, and transfer cyber risks in an integrated and economical manner. In 2022, 100% of Resilience’s cyber risk management clients avoided ransomware payments.
The support from RSA Insurance stems from its relationship with Intact Financial Corporation (TSX:IFC), RSA’s parent company. They led Resilience’s $100 million equity financing round through its venture arm. This funding was raised to expedite global expansion and drive the adoption of the Resilience Solution. Resilience has secured over $225 million in prior funding and now offers primary and excess coverage in the United States, United Kingdom, Canada, Ireland, Italy, Spain, and the Nordics for clients with revenues ranging from $100 million to $7.5 billion in most classes. Explore how the Resilience Solution and visit.
Source: Resilience to Provide up to £10MM in Cyber Insurance Coverage in the UK and Europe
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