Cyber MGA Resilience launches new captive reinsurer to fuel global growth strategy
Resilience, a cyber insurance and security solutions managing general agent (MGA), has established a new captive reinsurance company to retain a share of each risk it underwrites and fuel its global growth strategy.
Through the captive, Resilience Cyber Insurance Solutions, Resilience hopes to drive additional growth while underwriting a profitable and sustainable book.
Resilience recently secured delegated authority as a Coverholder at Lloyd’s.
“The foundation of our approach – connecting insurance and security – is about both selecting better risks and making the risks we select better – and that should be the collective objective of every part of the insurance value chain. The captive accomplishes that by aligning the interests of insurers, reinsurers, brokers, clients, and our agency,” said Mario Vitale (pictured), CEO of Resilience Cyber Insurance Solutions.
Vitale explained: “Cyber risks are anything but static – constantly changing as they are driven by human behaviour; so, the market needs to respond in kind with evolving and innovative products. The captive increases our flexibility and supports our creativity in developing new client-centric products.”
CJ Pruzinsky, chief of underwriting for North America at Resilience, added: “Our aim has always been to build a profitable, long term Insurance business. Setting up a captive to retain risk and align our interests with our capacity partners is a logical and natural next step.”
“Our insure + secure model enables our responsible growth and we’re very excited about what this means for the market.”
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