James Thaler | 19 January 2022 – San Francisco-based cyber InsurTech MGA Resilience has been approved to operate with delegated authority as a Lloyd’s coverholder, becoming the latest US-based cyber underwriting business to move into the London market.

The company noted that the approval would allow it to deliver its “comprehensive cyber risk management and insurance solutions to the worldwide insurance marketplace served by Lloyd’s”.

CEO Vishaal Hariprasad said: “We are thrilled to be accepted into one of the world’s largest and most respected insurance entities.

“Lloyd’s has been a creative force in cyber insurance since the earliest days of the coverage and remains a leading market for the line of business throughout the world.

“Our insure and secure solution fits well within Lloyd’s tradition of sharing risk in order to protect and build resilience.”

Resilience’s entry into Lloyd’s follows a deal by rival cyber underwriter Corvus, after it agreed to acquire the London underwriting platform Tarian Underwriting from Beat Capital.

Resilience was launched in the US in November 2020 when it received underwriting backing from Canadian insurer Intact.

The company has since taken steps to expand internationally, hiring Kyle Bryant from Chubb in September with an eye towards international expansion in 2022.

Bryant had led Chubb’s cyber business internationally and served as head of financial lines for Continental Europe.