Cyber insurance and security solution provider Resilience has created a capital reinsurance company.
Through the captive, Resilience Cyber Insurance Solutions retains a share of each risk it underwrites, which the company said fuels additional growth while demonstrating its long-term commitment to underwriting a profitable and sustainable book on a global scale.
Resilience provides comprehensive insurance coverage and patented cybersecurity tools to protect mid-market companies. In 2021, Resilience raised $80m in a Series C round co-led by General Catalyst and Corey Thomas of Rapid7.
Mario Vitale, CEO of Resilience Cyber Insurance Solutions, said, “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.
“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.”
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