Swiss Re, Lloyd's-backed Coalition launches full-stack A- rated cyber insurer
Cyber managing general agent (MGA) backed by leading global insurers, Coalition, has launched its own insurance company in New York with the carrier receiving an A- rating from AM Best.
Coalition Insurance Company (CIC) is the “first” full-stack active cyber insurance carrier. It will begin quoting its admitted cyber product in several US states starting March 2023, with a national roll-out expected throughout 2023.
Coalition said the launch marks a “major milestone” for the company with the expansion of its available capacity in the cyber insurance market and transition to a full-stack insurance organisation.
CIC, backed by Coalition’s Active Insurance platform, will unlock new growth opportunities for insurance brokers, enabling them to secure cyber protection for a broader range of clients and provide coverage to meet specific client needs. All CIC insurance policies will include “robust cyber protection for small and midsize businesses (SMBs) that often lack the tools and resources to mitigate cyber risks,” it said.
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.
Joshua Motta, co-founder and CEO of Coalition, said: “The launch of Coalition Insurance Company marks a critical step in our company’s mission to protect the unprotected,” said. “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.”
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