R&Q subsidiary backs cyber risk provider
Bermuda-based R&Q Accredited has helped cyber risk provider Resilience to increase its underwriting capacity to £10 million ($12.1 million) for insureds in the United Kingdom and European Union.
The increase was also enabled by RSA Insurance and adds adds to the existing capabilities of Resilience in the U.K. and E.U. supported by HDI Global Specialty, Resilience said.
Resilience aims to fill the coverage gap for UK and European enterprises, noting that 75% of essential services operators do not have cyber insurance coverage.
“The data is clear. Cybercrime is a global problem and threats from criminal actors are becoming more and more difficult for enterprises to defend against,” said Vishaal “V8” Hariprasad, CEO and Co-Founder of Resilience. “When enterprises adopt a cyber resilience approach to balance their risk acceptance, risk mitigation, and risk transfer, they can take a digital hit without it impacting their material ability to deliver value.
“With this increase in our capacity, I’m also incredibly excited to have Rehan Hussain, Head of Underwriting for International and Tom Ryan, Head of Cyber for UK, Ireland, & the Nordics both step up into new roles to guide this major expansion.”
Magnus Heimann, CUO of Accredited, said: “We are delighted to begin this new partnership with Resilience and RSA. We have been impressed with Resilience’s expertise and growth to date and we look forward to supporting the partnership’s future ambitions in the cyber market.”
R&Q Accredited is a subsidiary of Bermuda-based R&Q Holdings. It is in advanced negotiations with Onex Corporation to sell Accredited.