Coalition, a cyber insurance provider, has launched Coalition Insurance Company (CIC), a full-stack cyber insurance carrier.
Coalition’s Active Insurance combines cybersecurity tools, access to around-the-clock digital forensics and incident response, and comprehensive insurance coverage to help organisations identify, mitigate, and insure digital risk.
Moreover, Coalition said its technology advantage has allowed it to build a “sustainable, high-performing book of business” in a highly-dynamic cyber market, while also helping its customers spot and manage digital risk before it strikes.
Coalition said that the launch of CIC signals a major milestone for Coalition with the expansion of its available capacity in the cyber insurance market and transition to a full-stack insurance organisation.
Coalition Insurance Company will begin quoting its admitted cyber product in many states starting March 2023, with a national roll-out expected throughout 2023.
Joshua Motta, cofounder and CEO of Coalition, said, “The launch of Coalition Insurance Company marks a critical step in our company’s mission to protect the unprotected.
“Cyber risk exists for any business—regardless of size or industry. With our own carrier, we can innovate faster to protect the broadest set of businesses from emerging cyber threats and make cyber insurance more accessible to small businesses who need it most.”
In October 2022, Coalition partnered with BDT Capital to form Ferian Re, an independent Bermuda-based Class 3B reinsurer that will provide capacity across Coalition’s cyber programmes.
In conjunction with its launch, Ferian Re also committed to participate in Coalition’s cyber insurance programmes alongside leading global insurers and reinsurers, including Allianz Group, Arch Insurance North America, and Swiss Re Corporate Solutions.
Coalition also partnered with Bluevine, a provider of holistic banking solutions designed for small businesses. Bluevine expanded its small business insurance offerings to include Active Cyber Insurance offered by Coalition, in addition to its existing small business insurance provider, NEXT Insurance.
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