Resilience Doubles Cyber Insurance Limits to $20 Million Through Partnership with Lloyd’s Insurance Facility

Syndicate Agreement Expands and Complements Existing US offering

San Francisco, CA (July 1, 2024) – Resilience, the leading cyber risk solution company, has doubled the cyber insurance limits it can offer to clients in the US to $20 million per client. This announcement follows the launch of new features and capabilities that enable enterprises to continuously manage the mitigation and transfer of cyber risk. The agreement to expand Resilience’s limit capability was brokered by Lockton Re and utilizes Resilience’s existing coverholder partnership with Lloyd’s (AM Best: A).

Resilience previously offered $10 million in limits, on a primary or excess basis in the US, with an A+ AM Best-rated partner. The additional $10 million in excess limits supported by underwriters at Lloyd’s, can be deployed in sequential or ventilated layers above Resilience’s existing $10 million limit capability, up to $20 million in total.

“Our ability to offer up to $20 million in limits, along with Resilience’s industry-leading integrated cybersecurity and cyber risk solutions, will help our clients and broker partners build insurance towers efficiently, while also increasing the ability to deliver much-needed loss prevention solutions to clients,” said Mario Vitale, president of Resilience. “Resilience’s leadership in the cyber insurance sector stems from our unique combination of a financially proven AI platform and our model for continuously engaging with clients to manage their risk. We are delighted to continue our existing limits and complement our coverage with additional capacity from Lloyd’s to help our clients become more cyber resilient.”

“Together with our broker partners, Resilience drives better outcomes for our clients to help them become resilient to material losses – reflected in that 96% of our Edge clients avoided any claim with incurred costs in 2023,” said CJ Pruzinsky, global head of underwriting for Resilience. “With this new partnership, we can provide twice the coverage to our clients and expand the footprint of companies that can benefit from our unique approach to assessing, mitigating, and transferring risk.”

With the additional limits for cyber insurance, and new coverage for technology errors and omissions (E&O) liability, for US organizations with up to $10 billion in revenue, Resilience offers broad capabilities to help large enterprises manage complex cyber risks.

About Resilience

Resilience helps organizations become cyber resilient to material losses by staying ahead of the bad guys. Founded by experts from across the highest tiers of the US military and intelligence communities – and built by prominent leaders and innovators from the cybersecurity, technology, and insurance industries – Resilience is the world’s first cyber risk company that offers risk quantification software, cybersecurity experts, and A+ insurance in integrated solutions purpose-built for large and middle-market organizations.

Resilience is proud to be backed by leading technology investment firms including General Catalyst, Lightspeed Venture Partners, Intact Ventures, Founders Fund, CRV, and Shield Capital. With headquarters in San Francisco, Resilience is globally dispersed, with teams in New York, Chicago, Los Angeles, Baltimore, Toronto, London, and Dublin. Resilience offers insurance coverage through its licensed and appointed insurance agency, and security services through its expert security team. The Resilience Solution is available through all broker partners to clients in the United States, United Kingdom, Canada, and Europe. For more information, visit www.cyberresilience.com. Your risk is our risk.

About Lloyd’s

Lloyd’s is the world’s leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market’s underwriters and brokers, Lloyd’s helps to create a braver world. The Lloyd’s market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally. It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale. And it promises a trusted, enduring partnership built on the confidence that Lloyd’s protects what matters most: helping people, businesses and communities to recover in times of need. The Future at Lloyd’s sets out our strategy to build the most advanced insurance marketplace in the world. For more information, visit www.lloyds.com.

SOURCE: Resilience

Tags: Cyber Insurance, InsurTech, InsurTech Spotlight, Lloyd’s, partnership, Resilience InsurTech, United States (USA)