Resilience, a cybersecurity firm, has announced a significant extension of its underwriting authority, to serve large global companies with up to $10bn in annual revenues.
This latest product expansion aims to fortify Resilience’s cyber defenses, offering an unprecedented £10m insurance coverage to global companies with annual revenues of up to $10bn, according to InsurTech Insights.
The move comes on the heels of a stellar year of growth, underlining Resilience’s commitment to securing clients against cyber threats.
Since its establishment in 2016, Resilience has transitioned from serving middle-market accounts to becoming a pivotal player in providing cutting-edge cyber risk management solutions to some of the world’s largest enterprises.
The firm has been a Lloyd’s cover-holder since inception, showcasing a transformative approach to cyber risk management.
Resilience’s unique model focuses on continuous risk assessment, risk engineering, ongoing threat hunting, and comprehensive vulnerability monitoring.
This departure from traditional ‘single point-in-time underwriting’ reflects Resilience’s dedication to preventing incidents before they occur.
Vishaal “V8” Hariprasad, Co-Founder & CEO, Resilience, commented on the impact of thewly-introduced limit, stating, “More important than the growth it brings, this expanded underwriting authority is validation that our model makes clients significantly safer.”
“Fundamentally, the insurance industry is organised around ‘single point-in-time underwriting’ with a ‘post-incident’ mindset. When there is a loss and a claim, insurance reacts. The Resilience model is meaningfully different, bringing continuous risk assessment, risk engineering, and ongoing threat hunting paired with vulnerability and exposure monitoring to help prevent the incident in the first place.”
Mario Vitale, President, Resilience, commented, “Since we started writing business, we’ve been named a Lloyd’s coverholder, launched a captive, expanded internationally, and our innovative cyber risk solution has led to an industry leading loss ratio. This increase in underwriting authority is a reflection of our approach to cyber, distinct from how the legacy market approaches this unique class of risk.”
CJ Pruzinsky, Global Head of Underwriting, Resilience, added, “The feedback we’ve gotten from brokers and clients is telling. Collectively, our clients have far fewer claims than the market average – and we earned a Net Promoter Score of 77, outpacing the insurance industry average of 55 (Qualtrics XM institute). Our underwriting and security teams have strong backgrounds supporting our clients and we are incredibly excited to bring this same level of value to this segment of the market.”
T. Michael Miller, CEO Global Specialty Lines at Intact, said, “Resilience is a strategic partner for Intact Insurance Specialty Solutions and working alongside them we bring vital security solutions to our specialised customers and brokers. We are pleased to see their steady progress and ability to bring their deep cyber risk expertise and solutions to the market.”
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