Risk Cooperative, a specialized insurer with a proprietary cyber insurance facility with up to $10 million in stand-alone cyber insurance cover, has gained Lloyd’s of London coverholder status.
Risk Cooperative brings middle market customers and channel partners fast access to customizable cyber insurance solutions, working with a wide range of insurance partners to architect cyber insurance solutions in excess of $100 million in coverage.
Dante Disparte, Risk Cooperative founder and Chief Executive Officer (CEO), said; “Cyber risk is a rapidly evolving enterprise threat sparing no segment of the market.
“While all market participants are exposed to these threats, from government entities to critical infrastructure and multinationals, small to mid-sized enterprises (SMEs) are particularly vulnerable. For SMEs cyber risk is an existential threat for which stand-alone cyber insurance is a key part of the risk-hedging strategy.”
In addition to focusing on the middle market, Risk Cooperative’s cyber insurance facility enables customization through channel partnerships and unmet market needs such as pre-investment due diligence, catastrophic stop-loss programs, and resilience-by-design at the product, service or software layers.
“Risk Cooperative is one of a few Lloyd’s coverholders in Washington, D.C. In 2016, we partnered on the important topic of city resilience using the Lloyd’s and Cambridge University City Risk Index. We look forward to continuing our efforts in this area and wish Risk Cooperative all the best in growing their Lloyd’s business,” said Glenn Dorr, Northeast Regional Director at Lloyd’s.
Risk Cooperative’s cyber insurance facility builds upon a robust advisory and educational offering through an alliance with Ridge Global, a specialized risk advisory firm founded by Tom Ridge, the first U.S. Secretary for Homeland Security and 43rd Governor of Pennsylvania.
According to the Insurance Information Institute’s 2015 cyber writings report, the U.S. share of stand-alone cyber policies remains just 5% of the cyber insurance market, when compared to bundled products.