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Cyber insurance provider forms captive reinsurer
Resilience Cyber Insurance Solutions has formed a captive reinsurance company as part of its developing approach to cybersecurity risk management.
Resilience provides comprehensive cyber insurance coverage and cybersecurity tools to mid-market companies, combining security, insurance and recovery to offer cyber resilience as well as risk transfer.
Through the new captive, Resilience intends to spur additional growth and trust with clients and capacity partners. It will retain a share of each risk it underwrites, demonstrating long-term commitment to underwriting a profitable, sustainable book of business on a global scale.
CEO Mario Vitale explains the motivation behind forming a captive: “The foundation of our approach — connecting insurance and security — is about both selecting better risks and making the risks we select better, which 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. Cyber risks are anything but static, constantly changing as they are driven by human behaviour. The market needs to respond with evolving and innovative products. The captive increases our flexibility and supports our creativity in developing new client-centric products.”
CJ Pruzinsky, chief of underwriting, North America at Resilience, adds: “Setting up a captive to retain risk and align our interests with our capacity partners is a logical and natural next step. Our ‘insure and secure’ model enables our responsible growth and we are very excited about what this means for the market.”