Resilience, a prominent cyber risk management firm headquartered in San Francisco, CA, made a significant announcement today regarding its latest initiative aimed at US organisations generating revenues ranging from US$300 million to $10 billion.
The company unveiled the introduction of Technology Errors & Omissions (E&O) coverage, offering up to $10 million in limits for both primary and excess placements.
The news marks a significant milestone following a sustained period of expansion and success for the company, which includes the strategic acquisition of incident response technology firm BreachQuest, the extension of insurance underwriting authority to cater to clients with revenues up to $10 billion, and the attainment of an industry-leading loss ratio in 2023.
The addition of E&O coverage to Resilience’s existing suite of cyber insurance products marks a strategic move to assist clients in mitigating and addressing liabilities stemming from technology products and services. This development underscores Resilience’s commitment to bolstering cyber resilience among its clientele.
“In an increasingly digitized world, technology is embedded in every company’s operations in some way, shape, or form,” said Vishaal “V8” Hariprasad, co-founder and CEO of Resilience. “As such, our new Tech E&O coverage, coupled with our existing cyber insurance and cyber risk quantification software offerings, provides a more holistic and integrated risk management solution to our clients.”
Resilience’s expertise in leveraging financially-proven risk models, data-driven decision-making processes, and seasoned underwriting and claims teams positions it uniquely to address complex Tech E&O risks. The company aims to provide tailored policies that offer enhanced coverage for individual companies, empowering clients to proactively respond to incidents and mitigate risks effectively.
“Technology risk is often poorly understood by the insurance market, making Tech E&O a historically challenging offering for the commercial insurance industry to provide to their clients,” said Mario Vitale, President of Resilience. “However, with our track record of helping companies navigate a rapidly evolving and increasingly digital cyber risk landscape, Resilience is one of few MGAs able to offer this kind of coverage, particularly to midsize and large clients.”
“Our underwriting and claims teams bring years of experience in this line of business including reviewing and managing the complex intricacies of technology contracts that often lead to liability risks,” said Gavin Reed, Head of Underwriting, US. “That expertise is backed by our data science, our tech, and the A+ coverage and contract certainty that all our insurance offerings provide. The integration of all these capabilities puts us in a market-leading position to serve our clients.”
“Resilience has been a consistent partner for us in the cyber insurance space, introducing a unique model focused on increasing client security,” said T. Michael Miller, CEO Global Specialty Lines at Intact. “We are pleased to see their continued growth, and with this announcement, support their cyber security solutions to customers and brokers in the upper end of the U.S. market of the Tech E&O space.”
