Cyber MGA Resilience Forms Captive Insurer in Bermuda

Cyber insurance and security provider Resilience Cyber Insurance Solutions has created a captive reinsurance company.

Through the Bermuda-based captive, Resilience will retain a share of each risk it underwrites.

CJ Pruzinsky, executive vice president and chief underwriting officer for North America at Resilience, said creation of the captive comes on the back of the company’s international and domestic growth plans.

“Coming off a very successful first year in the market, this is an excellent time to ‘put our money where our mouth is’ and take a share of the risks we are writing alongside our (re)insurance partners,” he said.

An international expansion will give Resilience access to new customer bases in markets where it is needed, Pruzinsky added.

“Cyber risk is not limited in geography, and our security-focused approach works in any market,” he said. “International expectations are already beginning to be realized with the latest news of our Lloyd’s coverholder status, and we are expected to launch shortly with underwriting capability across the UK and Europe.”

Cyber MGA Resilience Becomes Lloyd’s Coverholder

Resilience began as a cyber analysis firm named Arceo.ai and relaunched a year ago as a mid-market focused managing general agency and program manager, Resilience Cyber Insurance Solutions, with an investment by Intact Ventures.

It offers insurance coverage from Intact Insurance Specialty Solutions. Insurance products are underwritten by Homeland Insurance Co. of New York or Homeland Insurance Co. of Delaware, each subsidiaries of Intact Insurance Group USA. Security services are provided by Resilience, formerly Arceo.

Resilience is backed by General Catalyst, Lightspeed Venture Partners, Founders Fund, CRV, Intact Ventures, Shield Capital and Corey Thomas.

Topics Cyber Carriers Insurance Wholesale