’The cyber environment is a complex and changing one,’ says managing director of UK specialty lines
Cyber risk solution provider Resilience has expanded its underwriting capacity limits through a partnership with RSA Insurance and R&Q Accredited.
A statement released yesterday (4 October 2023) said the deal would provide up to £10m in cyber insurance coverage for clients in the UK and Europe.
The additional capacity, which is supported by HDI Global Specialty, will also add to the existing capabilities of Resilience in the UK and EU.
“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,” Steve Watson, managing director of UK specialty lines at RSA, said.
“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.”
This came after Intact Financial Corporation, RSA’s parent company, led Resilience’s $100m equity financing round through its venture arm earlier this year (7 August 2023).
The new funding was raised to accelerate global expansion and scale the adoption of Resilience’s holistic cyber risk platform, which helps translate cybersecurity threats into financial risks.
Resilience said cyber threats to UK and EU enterprises were becoming “increasingly complex” and that there was a “significant gap” in the ability of critical entities to manage the high financial impact of threats like ransomware.
According to Howden’s Coming of Age report, also published earlier this year (10 July 2023), ransomware attacks surged by nearly 50% in the first half of 2023 compared to the same period in 2022.
Rehan Hussain, Resilience’s international head of underwriting, said: “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.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
Now working within the insurance sector, James has a particular focus on motor, M&A activity and financial reporting.View full Profile