Cyber risk management provider Resilience has expanded its underwriting authority to serve large global companies with up to $10 billion in annual revenues.
Resilience explained that the expanded authorities come after a strong year of growth while achieving an “industry-leading loss ratio reflecting the success in defending clients from costly cyber incidents”.
Vishaal “V8” Hariprasad, Co-Founder & CEO, Resilience, commented, “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, said, “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.”
