HDI Global Specialty joins Coalition as global capacity partner
HDI Global Specialty SE, the specialty insurance carrier of HDI Global SE, will join cyber managing general agent (MGA) Coalition’s cyber and technology errors and omissions insurance (E&O) panel in Canada to provide insurance capacity in 2024.
Coalition has entered into a new long-term partnership with HDI Global Specialty SE.
The insurer will assume a quota share on all cyber insurance products that Coalition provides in Canada, incepting on or after January 1, 2024.
HDI Global Specialty will join a group of global re/insurers that have signed capacity deals with Coalition, including Allianz, Arch, Ascot, Fortegra, and Vantage. Coalition has also formed a dedicated $300m reinsurer, Ferian Re, in partnership with BDT Capital Partners.
Shawn Ram (pictured right), Coalition’s head of insurance, said: “HDI Global has headquarters in Germany and foreign branches, subsidiaries, and affiliates in more than 175 countries, making them an excellent global partner as Coalition continues to expand our offerings worldwide. HDI is a well-established global player, and we are thrilled to have them as a partner as we continue to scale our mission to democratize cyber coverage and protect the unprotected.”
Derek Spafford (pictured left), managing director & chief agent of HDI Global Specialty SE Canada, said: “This new partnership with Coalition marks our first significant step into the cyber market in Canada. We are excited to join forces with such an established partner that has in only a few years already become a leader in the Canadian cyber insurance market.”
Meike Röllecke, head of cyber & financial lines Underwriting at HDI Global, added: “Cyber risk is pervasive in modern society. With our cyber team, we seek out partners who we really feel are driving the industry forward and support organisations in their cyber improvement journey. We are therefore thrilled to take this first step in our global partnership with Coalition.”
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