Resilience, a cyber insurance and security solutions managing general agent (MGA), has announced the establishment of a new captive reinsurance company.
Through the captive, Resilience Cyber Insurance Solutions plans to retain a share of each risk it underwrites.
This strategy, Resilience says, will enable additional growth while also helping it to underwrite a profitable and sustainable book in the long-term.
“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,” he explained.
“Cyber risks are anything but static – constantly changing as they are driven by human behavior; 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.”
The Resilience model integrates both security and insurance to provide cyber coverage along with in-house security services for each client.
“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,” noted 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.”
