First U.S. Homeland Security Secretary Tom Ridge Partners with Five Leading Lloyd's Syndicates to Offer 'Intelligent' Cyber Insurance
-- Ridge Insurance Solutions Company to close dangerous cyber insurance gap by providing informed-assessment capabilities and insurance
LONDON, Oct. 6, 2014 /PRNewswire/ -- Companies struggling to protect their assets and brands from the growing scourge of cyber attacks can now access a new product designed specifically for their needs, created by a trusted former national security leader and the world's premier insurance brand. The Honorable Tom Ridge, in London today meeting with leading cyber Lloyd's Syndicates, today announced the launch of Ridge Insurance Solutions Company, offering best-in-class informed assessment and cyber insurance. The packaged, customized assessment capabilities and insurance enable C-suite executives to mitigate cyber risk, thereby closing a dangerous cyber insurance gap that often leaves companies – particularly small- and mid-cap firms – vulnerable to the consequences of proliferating attacks.
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Boards of directors for financial services, retail, healthcare and energy companies, among others, now will have access to unique cyber insurance that leverages real intelligence that is sector and company specific, rejecting the 'cookie-cutter,' process-oriented approach inherent in most cyber insurance offerings today. Policies of up to $50 million (USD) each are available beginning immediately.
"Insurance need not be just a 'policy' written by an agent, but a true focal point for assessing, identifying and correcting the impact of cyber risk on your business," said Gov. Ridge, the first U.S. Secretary of Homeland Security, 43rd Governor of Pennsylvania and Chairman of Ridge Insurance Solutions Company. "This is not just about insurance but helping and incentivizing companies to manage their cyber operations more effectively."
As a twice-elected Governor of Pennsylvania committed to economic development and job creation, Gov. Ridge understands the unique challenges faced by small- to mid-cap companies who don't have access to the same resources as their larger competitors and whose intellectual property is their prized possession. Just one cyber incursion could prove devastating to a business that size. It's why he chose to create a cyber insurance offering specifically designed for businesses whose market capitalization is less than $500 million, which represents 80% of all U.S. publicly quoted companies.
"We will certainly work with larger companies, but small- to mid-cap companies drive employment in America and around the world," said Gov. Ridge. "They drive innovation, entrepreneurship and creativity. Working together with the Lloyd's syndicates, we have developed a cyber insurance product uniquely designed to help that class of business – to better protect unsuspecting customers from hackers and help ensure that these job creators have an opportunity to flourish and grow."
| Ridge Insurance Solutions Company's competitive advantage is built upon the three pillars of the Ridge Methodology for providing intelligent insurance: |
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| Inform |
Utilize world-class cyber intelligence capabilities to illuminate specific |
| Assess |
Leverage the intelligence to deliver a client-focused informed assessment that assists both the insured and insurer in determining true disruptive cyber business risk – avoiding a "check-the-box" approach that is too often standard. |
| Act |
Utilize the information from the intelligence and assessment phases to take mitigating action, which may reduce client cyber risk exposures and insurance premiums. |
The affiliation with five leading Lloyd's cyber syndicates is another example of major global brands with which Gov. Ridge has recently established a relationship. Earlier this year, Gov. Ridge and former White House Cyber Czar Howard A. Schmidt formed a joint business relationship with PwC to help advise C-Suite executives and board members on managing cyber risk.
Ridge Insurance Solutions Company is headquartered in Washington, DC, with offices in New York and Alpharetta, Georgia. Steve Kohler, currently Executive Vice President at Ridge Global, will serve as CEO and John J. Fleming, III as President. Guy Carpenter & Company, LLC, a global leader in providing risk and reinsurance intermediary services, serves as broker of record. The five leading Lloyd's syndicates in the cyber arena are: lead underwriters Brit, AEGIS London, and Novae, along with Barbican Insurance Group and ACE.
Financial analysts expect businesses around the world to spend a combined $30 billion this year on cyber-security. According to the Center for Strategic and International Studies (June 2014) 3,000 U.S. companies were hacked in 2013 and the cost of cyber crime is in excess of $445 billion annually to the global economy.
To learn more, visit www.ridgecyberins.com, and for news updates, follow on Twitter @ridgecyberins.
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