Coalition has expanded the availability of its comprehensive Executive Risks Insurance products by offering them on surplus lines paper.
The move follows Coalition’s Head of Insurance Shawn Ram announcing that the cyber insurtech is gearing up for a planned launch in Australia following its hire of Resilience’s Kyle Bryant as head of international.
Coalition also recently partnered with MS&AD Insurance Group, the largest non-life insurer in Japan and across the ASEAN region, to provide cybersecurity monitoring solutions to small and medium-sized businesses (SMBs).
The expanded Executive Risks insurance products now broadens the accessibility of comprehensive management liability coverage to a wider array of businesses, covering Directors & Officers Liability (D&O), Employment Practices Liability (EPL), Fiduciary Liability, and Crime Insurance, to all US states. Additionally, this coverage is now accessible to larger businesses with up to 1,000 employees and $500 million in assets.
According to reports, this expansion means that Executive Risks Insurance is now within reach for various sectors, including healthcare, education, private equity and venture-backed portfolio companies, as well as numerous not-for-profit organisations.
Using its proprietary digital scanning technology, Coalition’s Executive Risks Insurance product swiftly collects and analyses live data on potential policyholders’ risk areas, producing a bindable quote within minutes.
The surplus product, as per the announcement, is underwritten by specific underwriters at Lloyd’s, holding an A rating by AM Best.
Coalition also highlighted additional improvements, such as extending affirmative security-holder coverage for claims resulting from a cyber breach, covering biometric defense costs, providing automatic subsidiary coverage for acquisitions, and eliminating settlement or hammer clause
Commenting on the expanded services, Patrick Mitchell, Coalition’s Executive Risks Lead, said: “With best-in-class data and technology at our underwriters’ disposals, we can focus on what matters most—helping our broker partners. At Coalition, our goal is to make it as easy as possible for brokers to offer their clients market-leading management liability insurance coverage.”
He continued: “When policyholders choose Coalition for Executive Risks Insurance product offerings, they get more value during their policy term, including before the policy is bound and long after.”
Mitchell added: “As businesses continue their digital transformations, they also adopt greater risks. Our risk management services provide policyholders with tools to mitigate this risk and value whether or not they ever experience a claim – making them smarter and safer in the process.”
Author: Joanna England
