Coalition launches cyber insurance captive
Cyber insurance MGA Coalition is launching a new captive to begin taking risk on its cyber insurance programs.
Founded in 2017, the San Francisco-based startup has raised $520 million and was most recently valued at $3.5 billion. It provides companies with up to $15 million of cyber and technology insurance coverage in the US. Insurance partners include Swiss Re Corporate Solutions, Arch Insurance, Lloyd’s of London, and Zurich North America, and it serves over 130,000 customers
“Today’s announcement demonstrates our unwavering commitment to protecting businesses from cyber risk, and our confidence in Coalition’s approach to underwriting and risk management. Coalition provides businesses with the most comprehensive insurance available backed by the financial strength of multiple A+ rated insurers. With our new captive, we add another layer of security and stability, and more closely align our financial incentives with our customers.” – Shawn Ram, Head of Insurance at Coalition.