CloudCover Re has established a rent-a-captive insurance programme named CloudCover CyberCell, in partnership with Hylant Global Captive Solutions.
CloudCover, which is also partnered with broker BMS Group and Munich Re on its cyber risk transfer products, said the insurance programme was needed as premiums have dramatically increased over the past decade due to significant insurance underwriting losses.
Stephen Cardot, CEO of CloudCover sad: “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 provide lower costs while improving the coverage limits… while increasing cyber security protection for participating members.”
The partnership will allow associations, affinity groups and large enterprises to provide risk mitigation value to members in the form of more affordable cyber insurance premiums with more inclusive coverage.
Anne-Marie Towle, global captive solutions leader at Hylant, said: “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.”
CloudCover said the improved cyber insurance coverage results from the insured employing CloudCover’s AI-generative, automated microsecond network detection security platform.