Cyber MGA Resilience targets European middle-market clients
US insurtech looks to international expansion following creation of captive reinsurer
Cyber specialist managing general agent (MGA) Resilience is targeting middle-market clients in the UK and continental Europe as part of its international expansion plans.
The San Francisco-based firm's chief executive Mario Vitale told Insurance Day the company is focusing on demand for combining cyber security and insurance.
“There’s a middle-market revenue of clients that have real risk and money to spend and they are confused about how to spend it, but there’s an opportunity to marry security and insurance in the same proposition,” Vitale said.
Resilience is seeking to capitalise on the fact cyber insurance penetration in Europe has yet to catch up with the US. The continental European cyber market is where the US market was two years ago, Vitale said.
For Vitale, Resilience can help close the gap in the market between supporting the clients bolster their cyber security and providing the claims-paying service.
Last month the cyber MGA announced it was launching a captive reinsurance business to support the development of its products.
The captive means Resilience will share some of the risk it writes for its clients. In addition, the captive business will support the creation of new products and services for the MGA's clients.
Resilience’s proposition targets clients of at least $100m in revenue, but its “sweet spot” encompasses revenues between $500m and $5bn, Vitale said.
The new captive business fits into Resilience’s wider expansion plans. Not only does the firm plan to expand in its domestic market, but in addition to Europe it also intends to capitalise on opportunities in New Zealand and Australia.