Announcing the launch of Resilience Insurance, a newly formed program manager with insurance capacity rated “A+” by A.M. Best, provided through Intact Insurance Specialty Solutions’ underwriting companies.
With a focus on the mid-market, Resilience Insurance not only assesses an organization’s information security prior to writing coverage, but also helps mitigate vulnerabilities before they can be exploited.
This proactive approach provides more targeted coverage and a superior claims experience compared to traditional static cyber insurance offerings. Resilience enters the market with an investment by Intact Ventures.
Resilience is led by Vishaal “V8” Hariprasad, CEO, and Raj Shah, Chairman, both decorated military veterans and co-founders of Morta Security, which was acquired by Palo Alto Networks.
Joining them in leadership is Mario Vitale, an experienced insurance executive who has previously served as the CEO at Aspen Insurance, Zurich Insurance, and Willis North America, among other positions.
The team also includes recognized leaders in information security and cyber insurance including Mike Convertino, former CISO for Twitter, and Emy Donavan, former global head of cyber for Allianz Global Corporate & Specialty.
“We first launched Resilience to secure enterprises from cyber threats by blending cybersecurity expertise, intelligent risk assessments, and risk transfer,” said Hariprasad.
“Resilience delivers a new way of evaluating and transferring cyberrisk, offering solutions that allow us to deliver better underwriting while significantly reducing our insured’s likelihood of falling victim to cybercrime.”
In today’s business landscape, cyber insurance is neither supplemental nor optional. Rather, it is as fundamental to business protection as property insurance.
Resilience Insurance offers brokers a cohesive solution to address the full range of cyber exposures – from spear phishing attacks to ransomware to data breaches. By integrating dynamic security and risk engineering with insurance, Resilience provides holistic cyberrisk management for both IT security and risk management professionals.
“Resilience is reinventing cyber insurance by aligning our interests with those of the companies we insure,” said Mario Vitale, President of Resilience.
“Combining cybersecurity technology with senior underwriting talent mitigates risk prior to policy issuance and encourages insured companies to maintain a vigilant security posture. Superior claims service then sets Resilience apart in the event of a cybercrime incident.”
Resilience Insurance offers comprehensive coverage across the entire lifecycle of a cybercrime event via primary and excess policies designed for organizations with $100 million to $5 billion in revenue.
Resilience provides unique capabilities to CISOs and risk managers, including actionable cyberrisk assessments, technical risk engineering, and intuitive coverage that tracks alongside the progression of a cyber incident.
Resilience policyholders will also benefit from pre-breach, hardening, and claims services led by Chief Claims Officer Michael Phillips. Coverages will initially be provided on a non-admitted basis. Resilience Insurance will deliver these unique products and solutions through strategic broker distribution partners.
“We are very pleased to be partnering with V8 and the Resilience team, whose track record and deep expertise in the cyberrisk space parallels our hallmark specialized approach to the marketplace,” said Mike Miller, President, U.S. and Intact Insurance Specialty Solutions.
“Our new partnership with Resilience comes at an exciting time for us all, and positions us well for future growth and opportunity.”
In addition, Intact Ventures, a recognized leader in identifying, investing, and partnering with companies that are transforming the insurance industry, will be investing in Resilience and joining Resilience’s other investors, including Lightspeed Venture Partners, Founders Fund, CRV, UL Ventures, and notable angel investors including John Thompson, Chairman of Microsoft.