Resilience launches captive reinsurer
Cyber insurance and security solutions provider Resilience has launched a captive reinsurance company. The captive will allow the agent to retain a share in the risks it underwrites, fuelling additional growth and “demonstrating its long-term commitment to underwriting a profitable and sustainable book on a global scale”, it said.
Resilience, a San Francisco-based managing general agent, integrates security and insurance, providing cyber coverage along with in-house security services. Earlier this month, it earned delegated authority as a coverholder at Lloyd’s.
Assuming a portion of the risk it underwrites through the captive will build additional trust with clients and capacity partners, according to the business.
“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,” said Mario Vitale, CEO of Resilience Cyber Insurance Solutions. “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; 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.”
“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,” added CJ Pruzinsky, chief of underwriting for North America.