Resilience to provide up to £10 million in cyber coverage in the UK
Cyber risk solution provider Resilience announced an expansion of its underwriting capacity limits to £10 million for insureds in the United Kingdom and European Union. This increase in capacity is made possible through a partnership with RSA and R&Q Accredited . This additional capacity adds to the existing capabilities of Resilience in the U.K. and E.U. supported by HDI Global Specialty.
“The data is clear. Cybercrime is a global problem and threats from criminal actors are becoming more and more difficult for enterprises to defend against,” said Vishaal “V8” Hariprasad, CEO and Co-Founder of Resilience. “When enterprises adopt a cyber resilience approach to balance their risk acceptance, risk mitigation, and risk transfer, they can take a digital hit without it impacting their material ability to deliver value. With this increase in our capacity, I’m also incredibly excited to have Rehan Hussain, Head of Underwriting for International and Tom Ryan, Head of Cyber for UK, Ireland, & the Nordics both step up into new roles to guide this major expansion.”
“We have heard the demand in the U.K. and E.U. markets not only for more capacity, but also for a different solution beyond simply insuring away cyber risk,” said Rehan Hussain, newly appointed Head of Underwriting for International. “Managing this risk effectively requires a partnership mentality and approach. RSA and Accredited enable us to expand our work with our clients building on the success we have seen with the Resilience Solution over the past year.”
“We’re delighted to build on our partnership with Resilience and work with them to bring their cyber risk solutions and unrivaled level of expertise to the UK and European markets,” said Steve Watson, Managing Director UK Specialty Lines, RSA. “The cyber environment is a complex and changing one and Resilience are leaders in this space. With a shared focus on building client resiliency against cyber risk we look forward to working closely with them to bring these solutions to brokers and customers.”
Magnus Heimann, CUO of Accredited, added “We are delighted to begin this new partnership with Resilience and RSA. We have been impressed with Resilience’s expertise and growth to date and we look forward to supporting the partnership’s future ambitions in the cyber market.”
RSA Insurance’s support of Resilience comes from its existing relationship with Intact Financial, RSA’s parent company, which recently led Resilience’s $100 million equity financing round through its venture arm. The new funding was raised to accelerate global expansion and scale the adoption of Resilience’s holistic cyber risk platform, the Resilience Solution, which launched earlier this year. Resilience has raised more than $225 million in prior funding and is now available for primary and excess coverage in the United States, United Kingdom, Canada, Ireland, Italy, Spain, and the Nordics for clients with revenues from $100M to $7.5B in most classes.