Minneapolis, MN I February 14, 2023 — CloudCover Re, Inc. (subsidiary of CloudCover®) announced today the establishment of the world’s first cybersecurity “rent-a-captive” insurance program known as the CloudCover CyberCell™. This cyber security captive insurance offering is in partnership with Hylant Global Captive Solutions. Cyber insurance solutions are lacking coverage as premiums have dramatically increased over the past decade due to significant insurance underwriting losses which point to the rise in cyber-attacks including ransomware claims.
Put simply, a CloudCover CyberCell Captive™ is a formal structure to affordably finance self-insured cyber risks. For the enterprise executive, this is ground-breaking. For the association executive suite, the potential liability resulting from cyber-attacks is not only abated, but the cost of cyber insurance is now affordable and while creating new revenue. This partnership will allow associations, affinity groups and large enterprises to provide risk mitigation value to its members in the form of more affordable cyber insurance premiums with more inclusive coverage. This improved cyber insurance coverage results from the insured employing CloudCover’s AI-generative, automated microsecond network detection security platform.
At the core, captives are risk-management vehicles; licensed insurance companies owned by non-insurance organizations to finance risk. Adopted as a long-term strategy, a captive allows your organization to take advantage of a better-than-average claim history, secure traditionally difficult-to-obtain risk coverage, and explore alternative risk-financing solutions. Through a captive, an organization can strengthen its financial performance as well as its balance sheet, while protecting participating members’ digital assets.
The significance of our Hylant partnership, as our captive-management partner shall assist CloudCover Re’s CyberCell™ captive-insurance operations for CloudCover clients and their association members, affinity groups and enterprise’ customers who therein utilize the AI-engineered CloudCover CyberSecurity Platform. CloudCover thus empowers those entities who seek to reduce cyber insurance cost and provide themselves and their members with advanced security and unique cost controls while creating new revenues. All of these benefits can be realized within a CloudCover CyberCell™ cybersecurity insurance program.
“Unlike conventional cyber insurance offerings, the CloudCover CyberCell™ captive insurance program 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.” says Stephen Cardot, CEO of CloudCover. “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,” adds Anne-Marie Towle, Global Captive Solutions Leader of Hylant.
About Hylant
Hylant is one of the largest privately held insurance brokerages in the United States. Founded in 1935, the company offers comprehensive risk management consultation, alternative risk financing services, business insurance brokerage, employee benefits brokerage and consultation, small business insurance solutions and personal insurance services. To learn more, follow Hylant on LinkedIn or visit https://hylant.com/
About CloudCover
CloudCover is a full-telemetry AI-generative platform which has reimagined how cybersecurity can protect network infrastructure. By delivering the most advanced extended network prevention solution that eliminates malware threats at microsecond-response speeds, CloudCover is second to none. CloudCover offers a network-centric embedded cybersecurity platform that addresses risk aware, risk control, and risk transfer elements in real time. For the first time, CloudCover clients not only will be able to protect themselves against cyber-attacks but are offered a captive-based self-insurance solution that is designed specifically for the very large enterprise and associations that wish to provide more value to their member customers who are finding it more difficult to access today affordable cyber insurance.
To learn more, follow CloudCover®on LinkedIn and visit https://cloudcover.cc/
Contact: John Riordan – [email protected]
