Cyber specialist forms Bermuda captive

Resilience Cyber Insurance Solutions has formed a Bermuda-based captive reinsurer to retain a portion of the risks it underwrites.

Resilience will use the captive to retain 5% of the business it writes, a spokesman for the San Francisco-based program manager 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,” C.J. Pruzinsky, chief of underwriting for North America at Resilience, said in a statement.

Resilience, previously known as Arceo.ai, relaunched as a program manager in November 2020 with capacity provided by Toronto-based Intact Insurance Specialty Solutions.

Last month, Coalition Inc. — a managing general agent specializing in cyber risk — also established a captive to retain a portion of the risk it underwrites.

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