This new agreement provides Coalition with long-term committed capacity for its cyber insurance programs off the back of Coalition’s market leading performance.
Allianz will assume a share of all Coalition U.S. non-admitted cyber programs and lead Coalition’s U.K. cyber program when it launches later this year. Coalition continues to expand its capacity relationships and cyber insurance business in a highly dynamic market.
In March of 2022 Coalition’s run rate GWP (gross written premium) reached nearly $740 million as the company scaled to serve more than 160,000 customers while far outpacing benchmarks for cyber insurance performance. “Cyber is one of the top risks for businesses globally and while the risk landscape is not getting any easier, we are expanding our offering for customers,” said Scott Sayce, Global Head of Cyber at Allianz.
“We constantly urge our customers to strengthen their cyber defenses and, with its innovative approach to cyber risk, Coalition has proven that data and technology can be very effective to prevent and resolve cyber claims.” “We’re thrilled to announce that Allianz, one of the world’s largest insurance companies, is partnering with Coalition to protect the unprotected,” said Shawn Ram, Head of Insurance for Coalition.
“Far too many organizations simply aren’t prepared to manage and mitigate cyber risk. Coalition’s Active Insurance offers demonstrably better protection from cyber threats and with Allianz’s support we will be able to provide Active Cyber Insurance to more organizations worldwide.”