12 October 2017Insurance

Lloyd's approves Risk Cooperative as coverholder for cyber insurance

Risk Cooperative, a US-based specialist insurance and risk advisory firm, has received approval to operate as a coverholder at Lloyd’s for cyber insurance.

The company has announced that it can now offer up to $10 million in stand-alone cyber insurance coverage for small and medium-sized enterprises (SMEs).

"Risk Cooperative is one of a few Lloyd's coverholders in Washington, D.C.," said Glenn Dorr, Northeast regional director at Lloyd’s. "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."

With its unique risk-transfer capability, Risk Cooperative brings middle market customers and channel partners fast access to customizable cyber insurance solutions. For coverage amounts greater than $10 million, the firm works with a wide range of insurance partners to architect cyber insurance solutions in excess of $100 million in coverage.

Dante Disparte, Risk Cooperative’s founder and CEO, stated: "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, 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."

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