CloudCover Re has partnered with insurance brokerage Hylant Global Captive Solutions (Hylant) to launch CloudCover CyberCell, a cybersecurity “rent-a-captive” insurance programme.
Available to associations, affinity groups and large enterprises, the programme allows users to finance self-insured cyber risks at a manageable cost. This both reduces the potential liability of cyber attacks and facilitates greater revenue generation for companies, as they are able to provide cyber insurance at a lower cost and a wider coverage.
The announcement comes in response to rising cyber insurance premiums, the result of an increased number of cyber attacks and subsequent underwriting losses.
Stephen Cardot, CEO of parent company CloudCover, says: "Unlike conventional cyber insurance offerings, the CloudCover CyberCell captive insurance programme operates as a creative answer for any large enterprise or association who is searching for an alternative approach to cyber insurance that provides lower costs while improving coverage limits and increasing cyber security protection for participating members.”
Anne-Marie Towle, global captive solutions leader at Hylant, adds: “The CloudCover approach involves renting a captive insurance vehicle from CloudCover Re as an alternative to conventional cyber insurance. This is where the beneficial relationship with CloudCover can begin.”
