Swiss Re, Lloyd's-backed cyber MGA Coalition attracts $90m Series C funding
San Francisco-based cyber managing general agent (MGA) Coalition has raised $90 million Series C funding led by Valor Equity Partners, with participation from Felicis Ventures, Greyhound Capital, and Coalition’s existing investors.
Coalition is backed by global insurers Swiss Re Corporate Solutions, Lloyd’s of London, and Argo Group. It provides companies with up to $15 million of cyber and technology insurance coverage in all US 50 states and the District of Columbia.
The company will use the funding to develop new insurance products to tackle cyber risk, as well as support its growth and global expansion.
Coalition has also announced that it is expanding its offering to Canada-based companies, providing cybersecurity products and services and technology error & omissions insurance.
It will offer up to C$20 million of comprehensive insurance coverage supported by the financial strength of Swiss Re to companies with up to C$1 billion in annual revenue.
Overall, the company has raised $125 million in equity funding from investors, including Vy Capital, Ribbit Capital, Hillhouse Capital, Valor Equity Partners, and Greenoaks Capital, among others. All existing investors participated in its latest round of funding.
"Cybersecurity isn’t a technology problem, it’s a risk management problem,” said Joshua Motta, founder and CEO of Coalition. “Traditional cybersecurity technology such as firewalls and antivirus were designed to protect networks, not businesses. Coalition protects an entire business by offering cybersecurity-as-a-service without any additional hardware or software, security and incident response services, and comprehensive insurance cover of up to $15 million.”
Antonio Gracias, founder and CEO of Valor Equity Partners said: “We view Coalition as a category-defining company that is fundamentally changing the way organizations engage with insurance. Coalition is one of the fastest growing insurance technology companies despite raising a fraction of the capital of its peers.”
According to Shawn Ram, head of insurance at Coalition: “Cyber risk is a global problem in need of a global solution. The future of cyber security and insurance are integrated solutions to protect against cyber incidents across all asset types. We’re excited to make this future a reality across the Canadian market.”
Motta added: “Our expansion into Canada will give us greater visibility into cyber losses, and even more resources to combat cybercrime, on a global basis.”
