Swiss Re, Lloyd’s-backed Coalition lands multi-year deal with Ascot
Re/insurance group Ascot is the latest to join cyber managing general agent (MGA) Coalition as a carrier partner offering long-term capacity to support its continued growth.
Coalition has secured Ascot Group’s backing for its US primary surplus lines cyber programme through Ascot Specialty Insurance Company.
The multi-year partnership provides Coalition with long-term capacity for its cyber programmes, accelerating the next phase of the insurtech’s growth.
Coalition has managed to expand its capacity relationships and cyber insurance business in what it describes as a “highly dynamic” market – thanks to other long-term capacity providers including leading global insurers Swiss Re Corporate Solutions, Arch Insurance North America, Lloyd's of London, and Zurich North America.
Coalition grew its revenue year-over-year by more than 400% in 2021 as the company scaled to serve 140,000+ customers. Its gross written premium now exceeds $650 million.
“ Coalition is committed to setting a new standard for cyber insurance by spotting and mitigating risks before they strike and providing support both during and after an incident. This Active Insurance model is helping small businesses thrive in our digital economy,” said Shawn Ram, head of insurance at Coalition.
“We are proud to share that our coalition of carriers is growing, and we welcome Ascot as a capacity provider and partner in solving cyber risk.”
Matt Kramer (pictured), CEO of US insurance at Ascot, said: “ Coalition's track-record over the past five years has proven that innovation and technology can effectively coexist to create unique and preferred outcomes. This powerful combination aids the underwriting process and has proven to be a differentiator in the market helping clients to manage and mitigate cyber risk.”
“This partnership gives Ascot the opportunity to complement our already talented cyber underwriting team by offering additional capacity to support Coalition's continued growth,” Kramer added.
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