The expanded authorities come after a strong year of growth while achieving an industry-leading loss ratio reflecting the success in defending clients from costly cyber incidents. Through 2023, fewer than 5% of Resilience clients filed a cyber claim and have shown significantly enhanced resilience to extortion attempts.
“More important than the growth it brings, this expanded underwriting authority is validation that our model makes clients significantly safer,” said Vishaal “V8” Hariprasad, Co-Founder & CEO, Resilience.
He continued: “Fundamentally, the insurance industry is organised around ‘single point-in-time underwriting’ with a ‘post-incident’ mindset. When there is a loss and a claim, insurance reacts. The Resilience model is meaningfully different, bringing continuous risk assessment, risk engineering, and ongoing threat hunting paired with vulnerability and exposure monitoring to help prevent the incident in the first place.”
Resilience has steadily increased the size of the clients it serves since its founding in 2016; initially delivering its cyber risk management solution to middle-market accounts and now to large enterprises. Recently, Resilience has expanded its client base to some of the world’s largest and most complex cyber risks.
“Since we started writing business, we’ve been named a Lloyd’s coverholder, launched a captive, expanded internationally, and our innovative cyber risk solution has led to an industry leading loss ratio,” said Mario Vitale, President, Resilience. “This increase in underwriting authority is a reflection of our approach to cyber, distinct from how the legacy market approaches this unique class of risk.”
“The feedback we’ve gotten from brokers and clients is telling. Collectively, our clients have far fewer claims than the market average – and we earned a Net Promoter Score of 77, outpacing the insurance industry average of 55 (Qualtrics XM institute),” said CJ Pruzinsky, Global Head of Underwriting, Resilience. “Our underwriting and security teams have strong backgrounds supporting our clients and we are incredibly excited to bring this same level of value to this segment of the market.”
“Resilience is a strategic partner for Intact Insurance Specialty Solutions and working alongside them we bring vital security solutions to our specialized customers and brokers,” said T. Michael Miller, CEO Global Specialty Lines at Intact.
He added: “We are pleased to see their steady progress and ability to bring their deep cyber risk expertise and solutions to the market.”
