PLYMOUTH, Minn., Nov. 11, 2020 /PRNewswire/ -- Intact Insurance Specialty Solutions, the brand for Intact Financial Corporation's (TSX: IFC) U.S. insurance company subsidiaries, announced today its new cyber insurance solutions delivered in partnership with program manager Resilience Insurance. By innovatively blending Resilience's cyber analytics technology with Intact's risk transfer capabilities, the companies are enhancing the breadth of risk mitigation available to the cyber insurance market.
"We are very pleased to be partnering with 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 of 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."
Through this opportunity, standalone cyber coverages coupled with cyberrisk assessments and technical risk engineering will be available to commercial middle-market clients through select retail brokers. This specialized approach for mitigating cyberrisk through a dedicated team of experts, coupled with Resilience's patented cyberrisk technology, accelerates addressing the pervasiveness of cybercrime. Coverages will initially be written on non-admitted paper.
"We first launched Resilience to secure enterprises from cyber threats by blending cybersecurity expertise, intelligent risk assessments and risk transfer," shared CEO and Co-Founder of Resilience, Vishaal, known among the industry as "V8," Hariprasad. "Resilience delivers a new way of evaluating and transferring cyberrisk, offering solutions that allow us to deliver better underwriting while reducing our insured's likelihood of falling victim to cybercrime."
By transforming how risk is measured and assessed, Resilience Insurance will enable companies to be more proactive against cybersecurity attacks, with coverages provided by Intact Insurance's A.M. Best "A+" rated underwriting companies.
"Resilience is reinventing cyber insurance by aligning our interests with those of the companies we insure," said Mario Vitale, President of Resilience. "Combining dynamic 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."
Intact Insurance Specialty Solutions' underwriting companies offer a broad range of specialty insurance products through independent agencies, regional and national brokers, wholesalers and managing general agencies throughout North America. Each business is managed by an experienced team of specialty insurance professionals focused on a specific customer group or industry segment, and providing distinct products and tailored coverages and services. For information about products and services visit intactspecialty.com (U.S.) and intactspecialty.ca (Canada).
About Intact Financial Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada and a leading provider of specialty insurance in North America, with over CAD$11 billion in total annual premiums. The Company has approximately 16,000 employees who serve more than five million personal, business and public sector clients through offices in Canada and the U.S.
In Canada, Intact distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. Frank Cowan Company, a leading MGA, distributes public entity insurance programs including risk and claims management services in Canada.
In the U.S., Intact Insurance Specialty Solutions provides a range of specialty insurance products and services through independent agencies, regional and national brokers, and wholesalers and managing general agencies. Products are underwritten by the insurance company subsidiaries of Intact Insurance Group USA, LLC.
Resilience provides comprehensive insurance coverage and patented cybersecurity tools to protect mid-market companies. By bringing together security, insurance, and recovery, Resilience goes beyond risk transfer to help clients become cyber resilient. Resilience Insurance, the cyber program manager of Intact Insurance Specialty Solutions – rated A+ by A.M. Best – leverages Cyber Meteorology, a proprietary data-driven risk analytics platform, to provide highly targeted coverage and allowing for a superior claims experience. Resilience is backed by Lightspeed Venture Partners, Founders Fund, CRV, Intact Ventures, UL Ventures and John Thompson, Chairman of Microsoft. For more information, visit www.resilienceinsurance.com and follow us on Twitter and LinkedIn.
SOURCE Intact Insurance Specialty Solutions