Cassels Brock & Blackwell chairman David Peterson and Ridge Global chairman Tom Ridge announced yesterday the launch of
Ridge Canada Cyber Solutions, Inc.—a managing general insurance agency that provides cyber insurance products and loss control services to Canada’s insurance agents and brokers.
Ridge Canada is based in Toronto and headed by CEO Greg Markell.
“With destructive cyber attacks continuing to increase in both frequency and malicious intent, the c-suite understands how to protect against physical damage to its assets but still struggles with virtual damage, much to their peril,” Peterson said in a statement.
“That is why we have created customized insurance solutions that combine with our specific risk management and best-in-class pre-breach services. This ensures that companies and organizations create and maintain effective integrated cyber resiliency - managed to the highest level.”
“Cyber risk is different from other forms of risk, so you cannot purchase reliable insurance for this 21st Century risk in antiquated ways,” Ridge remarked. “Moreover, too many senior executives and risk officers are finding out that their existing cyber coverage is insufficient only after the chaos caused by a breach. That is why we have created customized insurance solutions that we combine with segment-specific risk management. Ridge Canada’s approach provides a better solution that not only provides more reliable coverage, but comprehensive services that may reduce the need to file a claim.”
Lloyd’s of London will support Ridge Canada’s cyber insurance coverage, with insurance limits of up to $50 million. Ridge Canada will also offer three products—Enterprise Plus, Enterprise, and Professional—each offering different insurance features to better suit the needs of the client.
Enterprise Plus
This product was developed with large-cap organizations (private and public) in mind. It entails “a technology-focused underwriting process that will bring both cost savings and rate flattening to large Canadian organizations.”
Enterprise
The Enterprise product is for mid- to large cap (private and public) organizations, featuring hybrid or traditional underwriting options.
Professional
This is for organizations with revenues less than $50 million. It features flexible and short-form applications, and clients will have access to preferred vendors when it comes to claims handling.
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