Resilience, a cyber insurance and security solutions provider, has announced the creation of a captive reinsurance company for cybersecurity risk management.

The new unit will enable Resilience Cyber Insurance Solutions to take a share of each risk it underwrites, which will allow it to build trust with clients and capacity partners.

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Resilience Cyber Insurance Solutions CEO Mario Vitale said: “The foundation of our approach – connecting insurance and security – is about both selecting better risks and making the risks we select better – and that should be the collective objective of every part of the insurance value chain.  

“The captive accomplishes that by aligning the interests of insurers, reinsurers, brokers, clients, and our agency.

“Cyber risks are anything but static – constantly changing as they are driven by human behaviour; so, the market needs to respond in kind with evolving and innovative products. 

“The captive increases our flexibility and supports our creativity in developing new client-centric products.”

Resilience stated that its model integrates security and insurance to provide cyber coverage along with in-house security services for every client.

Resilience North America underwriting chief CJ Pruzinsky said: “Our aim has always been to build a profitable, long term Insurance business. Setting up a captive to retain risk and align our interests with our capacity partners is a logical and natural next step.”

The announcement comes after Resilience became a coverholder at Lloyd’s earlier this month. In November 2021, Resilience raised $80m in a Series C funding round.