#United States #San Francisco #resilience #Cyber Insurance #RSA Insurance

Resilience's Expansion into the London Wholesale Market for US Clients

In a significant move to bolster cyber risk coverage, Resilience, a prominent player in the cyber insurance sector, has expanded its partnership with RSA Insurance. This collaboration enables US businesses to tap into surplus lines of insurance from London, targeting companies with revenues between $75 million and $10 billion. This expansion not only enhances Resilience's existing domestic operations but also offers US clients the unique opportunity to access cyber insurance capacity available in London, a hub for global insurance solutions.

Rationale Behind the Initiative

The decision to create this wholesale market facility stems from the increasing demands for comprehensive cyber insurance solutions among US firms. With the cyber risk landscape constantly evolving and presenting new threats, businesses are looking for more robust coverage options. By leveraging the expertise of RSA, Resilience aims to provide an integrated solution that addresses the needs of firms operating in both the US and international markets.

George Kotsiopoulos, Resilience's president of insurance, expressed enthusiasm over this expanded offering. He noted, "This new wholesale capacity will help our clients and broker partners build insurance towers efficiently while increasing our ability to deliver crucial loss prevention solutions to our clients." This sentiment highlights the importance of not only providing coverage but also empowering businesses to manage and mitigate risks effectively.

Local Expertise Meets Global Reach

Through this partnership, Resilience can now offer local support to US firms with interests in the UK and EU markets. This is particularly beneficial for companies looking to navigate the complexities of transnational cyber risk.

Jack Jenner, the managing director of international insurance at Resilience, emphasized the strategic advantages of this initiative, stating that clients now have the option to work with a London-based broker to achieve better outcomes and increase resilience against material losses.

The partnership combines the local knowledge necessary for navigating the cyber risk landscape with the global expertise of RSA, ensuring that US clients receive the highest level of service and tailored insurance solutions.

A Holistic Approach to Cyber Risk Management

Beyond merely providing insurance, Resilience enhances its offerings with state-of-the-art risk quantification software and cybersecurity solutions. These services help clients understand, evaluate, and reduce their cyber risks systematically. The company's commitment to providing comprehensive support was recognized recently, as it received accolades such as the Zywave Insurance MGA of the Year and the SC Media Risk Management Solution of the Year.

By offering cyber insurance alongside advanced risk management tools, Resilience positions itself as a pioneer in the cyber insurance field, focusing on building long-term relationships with clients to ensure they remain informed and prepared against cyber threats.

About RSA Insurance

RSA stands as one of the world's oldest and most respected general insurers, known for providing peace of mind amid uncertainty. The company continues to operate successfully in the UK, Ireland, and various European markets, offering tailored insurance solutions through its diversified broker relationships as well as direct sales channels. Since becoming a wholly-owned subsidiary of Intact Financial Corporation in 2021, RSA has embraced new opportunities to enhance its service delivery and product offerings in a changing insurance landscape.

Conclusion

The initiative by Resilience marks an important step for US businesses seeking comprehensive cyber risk solutions. By enabling access to the London wholesale market, Resilience not only adds value to its offerings but also reinforces its commitment to securing the cyber landscape for businesses. This expanded capacity facilitates a more resilient approach to navigating the challenges of cyber risk, ensuring that clients are well-equipped to manage and mitigate potential threats.