Resilience boosts UK & Europe cyber capacity with RSA/R&Q backing
Cyber risk solution provider Resilience has increased its underwriting capacity limits to £10 million for insureds in the UK and European Union through a partnership with RSA Insurance and R&Q Accredited. The expansion follows its $100 million Series D funding round earlier this year.
The additional capacity adds to the existing capabilities of Resilience in the UK and EU, backed by HDI Global Specialty.
As cyber threats to UK and European enterprises grow increasingly complex, the traditional security response has been continually “firefighting”, rather than a strategic risk management approach to cyber threats, the company said.
“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 (pictured), 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.”
Rehan Hussain, newly appointed head of underwriting for international, added: “We have heard the demand in the UK and EU markets not only for more capacity, but also for a different solution beyond simply insuring away cyber risk. 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.”
RSA Insurance’s parent company Intact Financial Corporation 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 offers primary and excess coverage in the US, UK, Canada, Ireland, Italy, Spain, and the Nordics.
Steve Watson, managing director UK specialty lines, RSA, said: “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. 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.”
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