Announcing the launch of Resilience Insurance, a newly formed program manager with insurance capacity rated “A+” by A.M. Best, provided through Intact Insurance Specialty Solutions’ underwriting companies.

With a focus on the mid-market, Resilience Insurance not only assesses an organization’s information security prior to writing coverage, but also helps mitigate vulnerabilities before they can be exploited.

This proactive approach provides more targeted coverage and a superior claims experience compared to traditional static cyber insurance offerings. Resilience enters the market with an investment by Intact Ventures.

Resilience is led by Vishaal “V8” Hariprasad, CEO, and Raj Shah, Chairman, both decorated military veterans and co-founders of Morta Security, which was acquired by Palo Alto Networks.

Joining them in leadership is Mario Vitale, an experienced insurance executive who has previously served as the CEO at Aspen Insurance, Zurich Insurance, and Willis North America, among other positions.

The team also includes recognized leaders in information security and cyber insurance including Mike Convertino, former CISO for Twitter, and Emy Donavan,…

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FARMINGTON — Franklin County Commissioners reached a mutual settlement in August with the county’s former insurer in regards to obligations under the terms of an intergovernmental contract.

The agreement required the county to pay $28,750 to Maine County Commissioners Association Self-Funded Risk Management Pool. Initially the insurer indicated the county owed more than $160,000 from when it withdrew from the association two years ago.

The agreement releases each party from liability and dismisses pending litigation filed in the Kennebec County Superior Court in Augusta. Both parties agreed to permanently dismiss the case with prejudice and without costs. Both parties were responsible to pay for their own attorney fees, expenses and other costs associated with litigation, according to the agreement.

The agreement totally eliminates Franklin County from any further liability, county Commissioner Charles Webster said during a Sept. 1 commissioners meeting.

“I think it was good for everybody,” he said.

Franklin County commissioners voted in October 2017 to accept insurance coverage from Kyes Insurance Agency Inc. of Farmington for about $48,131, an additional cost to bond…

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Coalition, the cyber insurance and security managing general agent, announced it is offering its products and services to Canada-based businesses.

The San Francisco-based company described the offering as proactive cyber-security products and services as well as cyber and technology error & omissions insurance.

Coalition will offer to clients up to C$20 million (US$14.4 million) of comprehensive insurance coverage, supported by the financial strength of Swiss Re, to companies with up to C$1 billion in annual revenue.

Coalition said its online platform enables licensed insurance brokers to generate a quote in minutes and also provide their clients with access to Coalition’s proprietary cyber-security tools and services that are designed to detect, mitigate, and contain threats at no additional cost.

Coalition this week announced it has raised $90 million in new venture financing to fuel development of new products and a global expansion.

Coalition said its global cyber-security platform provides businesses with risk management support, including help with preventing incidents in the first place, and support during and after a crisis.

“Cyber risk is a global problem…

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The majority of business decision makers are insured against traditional cyber risks, such as breaches of personal information, but most were vulnerable to emerging risks, such as malware and ransomware, revealing a potential insurance coverage gap, according to the Hanover Insurance Group.

The report surveyed business decision makers about cyber vulnerabilities and risk mitigation efforts.

Insurance purchasing decisions influenced by media coverage

Most businesses surveyed indicated they had purchased cyber insurance, and more than 70% reported purchasing a policy on the recommendation of an independent insurance agent.

Purchasing decisions also were heavily influenced by media coverage and prior attack experience. Nearly 90% of study respondents reported experiencing a cyberattack during the past year, and recognized a cyberattack could have a disastrous impact on their businesses.

Other key findings: The insurance coverage gap

• The top cybersecurity fear for businesses was breach of personally identifiable information, however, malware-related attacks were the most commonly experienced attack. One in two businesses experienced a malware-related attack in the last…

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