Resilience has announced a significant enhancement to its cyber insurance offerings, doubling its coverage limits for US clients to $20 million per client in response to escalating cybercrime threats. This increase aims to bolster defenses against the rising tide of cyber attacks. The new limits are part of a syndicate agreement with Lloyd’s Insurance Facility, brokered by Lockton Re.
Mario Vitale, president of Resilience, stated, “Our ability to offer up to $20 million in limits, along with Resilience’s integrated cybersecurity and cyber risk solutions, will help our clients and broker partners build insurance towers efficiently while also increasing the ability to deliver much-needed loss prevention solutions to clients.”
Previously, Resilience provided $10 million in limits on a primary or excess basis in the US. The new agreement adds an additional $10 million in excess limits, supported by underwriters at Lloyd’s, which can be layered above the existing coverage.
“Cyber Risk”
“This partnership with Lloyd’s allows us to offer broader coverage options, including technology errors and omissions liability, which is crucial for US organizations facing increasingly complex cyber risks,” added CJ Pruzinsky, global head of underwriting at Resilience.
The expanded coverage aims to help US organizations with revenues up to $10 billion manage their cyber risks more effectively. The partnership leverages Resilience’s existing coverholder relationship with Lloyd’s (AM Best: A) to enhance large enterprises’ support.
“Together with our broker partners, Resilience drives better outcomes for our clients to help them become resilient to material losses – reflected in that 96% of our Edge clients avoided any claim with incurred costs in 2023,” said Pruzinsky.
Resilience’s initiative underscores its commitment to bolstering cyber resilience among its clientele. By doubling its insurance limits and offering new coverage options, Resilience aims to equip businesses with robust solutions to navigate the increasingly challenging digital landscape.
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