Swiss Re, Lloyd’s-backed Coalition expands cyber insurance in US
Cyber managing general agent (MGA) backed by leading global insurers, Coalition, has expanded its cybersecurity insurance offering in the US.
The insurtech will offer cyber risk protection to large enterprise businesses with revenues up to $5 billion. The company’s increased capacity comes from a syndicated placement across many of its existing partners.
Coalition’s active cyber insurance provides additional layers of protection to businesses by fitting into existing enterprise-scale security programmes while also creating a backstop should any attack get through.
Furthermore, the implementation of active insurance allows more visibility into an organisation's overall cyber risk posture, which makes the adoption and implementation of insurance less onerous and more dynamic when coupled with a more efficient underwriting process.
Coalition is backed by leading global insurers including Allianz, Swiss Re Corporate Solutions, Arch Insurance, Lloyd’s, Ascot and Vantage, and has recently launched a Bermuda-based reinsurer Ferian Re.
Shawn Ram (pictured), head of insurance at Coalition, said: “By opening up our capacity to enterprise businesses with $5 billion in revenue, we are widening the field of companies we can protect. For the first time, enterprises can benefit from Coalition’s Active Insurance, a dynamic cyber protection system that resolves complex claims should they arise, but also works around the clock to prevent them in the first place.”
Tiago Henriques, Coalition’s vice president of Security Research, said: “The truth is that no business or organisation - regardless of size, resources or revenue - is immune to cyber attacks. Most large enterprises have the means to establish strong cybersecurity postures, but that should not preclude them from the benefits of adding cyber insurance to the mix. Cyber insurance should be a critical component of any company’s defense-in-depth strategy.”
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