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 (October 6, 2014) - 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 bestin-
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.
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
"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:
Utilize world-class cyber intelligence capabilities to illuminate specific company and sector threats, not just general risk, across the global cyber domain.
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.
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
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
For more information, please contact:
Steve Aaron, Ridge Insurance Solutions Company