An industry leader in cyber insurance and security solutions, Resilience has announced 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.
Building additional trust with clients
The Resilience model, integrating security and insurance, provides intuitive cyber coverage along with in-house security services for every client.
"Cyber risks are anything but static – constantly changing as they are driven by human behaviour; 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," added Vitale.
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."
Growth in 2022
Current predictions of the size of the global cyber insurance market suggest rapid growth will occur over the next five years, with the total market size increasing from around US$8bn in 2020 to just over US$20bn by 2025.
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.