US-based cyber risk company Resilience has expanded its global reach by launching a new operation in London to serve the UK market.
For the expansion, which is brokered by Lockton Re, Resilience has formed a capacity partnership with HDI Global Specialty.
According to Resilience, by 2025, the global cost of cyber-attacks is estimated to reach $10.5tn.
Despite such growing threats, the UK market is under-served, which presents an opportunity to offer protection against cyber risks, it added.
The firm said it is looking forward to partnering with brokers to help UK businesses become resilient.
Before the launch, the cyber managing general agent (MGA) made a series of strategic appointments from the UK’s insurance, intelligence, and cybersecurity firms.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Resilience’s expansion in the UK is being led by international chief underwriting officer Kyle Bryant, who joined the firm in 2021 from Chubb.
HDI Global Specialty UK cyber lead James Franklin said: “We have been impressed by Resilience’s client focus and the leadership and underwriting teams they have assembled.
“This offering represents a commendable example of where well-established socio-technical security and insurance-based risk management techniques can come together.”
Resilience CEO and co-founder Vishaal Hariprasad said: “Our goal is cyber resilience: continuously improving companies’ risk profiles by connecting their coverage with their cybersecurity plan to reinforce great cyber hygiene.
“What we propose is dynamic: reduce the risk, reduce the risk transfer cost, reduce the severity of a breach, reduce the risk to partners, and improve your business’s agility and competitiveness. That’s Resilience’s mission.”
At the start of this year, Resilience created a captive reinsurer to manage cybersecurity risks.
The development followed the MGA’s $80m fund raising in Series C round in November 2021.