Risk Cooperative Approved as a Coverholder at Lloyd’s with Proprietary Cyber Insurance Facility
Specialist risk advisory firm offers up to $10 million in stand-alone cyber insurance coverage for SMEs
(Washington, D.C. October 11, 2017) Risk Cooperative, a specialized insurance and risk advisory firm is pleased to announce its approval as a Lloyd’s coverholder. This ability to provide up to $10 million in stand-alone cyber insurance coverage matches the current market average and enables fast-track approval, leveraging Risk Cooperative’s proprietary evidence-based underwriting model.
Firms that demonstrate good cyber hygiene and standards of care, will no longer be penalized by insurance programs that treat all risks the same. With this unique risk-transfer capability, Risk Cooperative brings middle market customers and channel partners fast access to customizable cyber insurance solutions. For coverage amounts greater than $10 million, Risk Cooperative works with a wide range of insurance partners to architect cyber insurance solutions in excess of $100 million in coverage.
For more than 330 years, Lloyd’s has been the world’s specialist insurance market. Relying on a global network of coverholders or brokers who have underwriting authority to originate, quote and bind coverage on behalf of Lloyd’s syndicates drives innovation and market proximity. Risk Cooperative’s unique cyber insurance facility maintains this tradition and builds upon a robust advisory and educational offering through an alliance with Ridge Global, a specialized risk advisory firm founded by Tom Ridge, the first U.S. Secretary for Homeland Security and 43rd Governor of Pennsylvania.
“Cyber risk is a rapidly evolving enterprise threat sparing no segment of the market. While all market participants are exposed to these threats, from government entities to critical infrastructure and multinationals, small to mid-sized enterprises (SMEs) are particularly vulnerable. For SMEs cyber risk is an existential threat for which stand-alone cyber insurance is a key part of the risk-hedging strategy,” said Dante Disparte, Risk Cooperative’s founder and CEO.
According to the Insurance Information Institute’s 2015 cyber writings report, the U.S. share of stand-alone cyber policies remains a small 5% of the cyber insurance market, when compared to bundled products. In addition to focusing on the middle market, Risk Cooperative’s unique cyber insurance facility enables customization through channel partnerships and unmet market needs such as pre-investment due diligence, catastrophic stop-loss programs, and resilience-by-design at the product, service or software layers.
“Risk Cooperative is one of a few Lloyd’s coverholders in Washington, D.C. In 2016, we partnered on the important topic of city resilience using the Lloyd’s and Cambridge University City Risk Index. We look forward to continuing our efforts in this area and wish Risk Cooperative all the best in growing their Lloyd’s business,” said Glenn Dorr, Northeast Regional Director at Lloyd’s.
About Risk Cooperative & Ridge Global
Working together under the banner of Risk, Readiness, and Resilience, Risk Cooperative and Ridge Global bring comprehensive risk management solutions to market. The companies formally integrated strategic leadership and operations in 2017.
Risk Cooperative, a coverholder at Lloyd’s, is a specialized strategy, risk and insurance advisory firm licensed to originate, place and service innovative risk-transfer and insurance solutions in all 50 states, D.C. and Puerto Rico. Risk Cooperative helps organizations address risk, readiness and resilience through a comprehensive service and solution offering in partnership with leading insurance companies and value-adding partners. Learn more at http://www.riskcooperative.com
Ridge Global is the risk management firm led by Tom Ridge, the first U.S. Secretary of Homeland Security and 43rd Governor of Pennsylvania. Ridge Global works with c-suite and board executives around the world to reduce enterprise cyber risk and to build more resilient organizations through innovative protection and response capabilities, cyber education and insurance solutions. Learn more at https://www.ridgeglobal.com