Swiss Re, Lloyd's-backed Coalition enters excess cyber market
Coalition, a cyber managing general agent (MGA) backed by Swiss Re Corporate Solutions, Lloyd's of London and Argo Group, is entering the excess cyber insurance market to help protect the middle market businesses.
Coalition will extend its reach beyond offering primary insurance coverage to provide brokers with excess cyber liability and technology errors & omissions insurance for middle market accounts in the US with up to $10 million in aggregate limits.
The new surplus lines capacity will be backed by the financial security of Lloyd's (A rating from AM Best).
Coalition has recently expanded to Canada, having raised $90 million in equity capital to fuel its rapid growth and expansion in May.
"Cyber risk for middle market businesses is growing significantly as they heavily rely on technology for all aspects of their operations," said Shawn Ram, head of insurance at Coalition. "Unfortunately, they remain severely underinsured and under-prepared to manage these risks and are left vulnerable without the tools to protect themselves. By including Coalition on a tower as an excess insurer, brokers now have more options to protect their clients with cybersecurity once accessible only to national governments and large enterprises."
"Adding excess insurance to our offering moves us one step closer in our mission to solve cyber risk and we will continue to pursue opportunities to provide free cybersecurity tools to under-protected businesses throughout the world," added Ram.
