(Image source: Coalition homepage.)
Coalition (San Francisco), a company backed by Swiss Re, Lloyd’s and Argo Group combining cyber security solutions and cyber insurance, has announced its acquisition of Attune, a managing general agent and technology-powered broker platform for commercial insurance. Coalition characterizes its acquisition of Attune as creating the world’s largest commercial InsurTech and positioning the combined entity to capture a $100 billion+ market opportunity in the property/casualty insurance market. In late September, Coalition announced it had raised $205 million in a series E round, raising its valuation to more than $3.5 billion.
A Coalition statement says the acquisition unites two companies with a vision to offer digitally-powered insurance that can leverage vast amounts of data to assess, mitigate and eliminate risk for businesses. Coalition says it will expand the reach of its cyber insurance to more policyholders through the Attune marketplace. Coalition says it will also apply the advances it has made in analytics and machine learning to an expanded set of Attune’s insurance offerings over time. The combined company is already delivering over $500M in run rate GWP, according to the statement.
“We are thrilled to join forces with Attune to carry out our shared mission of providing security for all,” comments Joshua Motta, CEO and co-founder, Coalition. “Together, our companies will define the future of insurance by applying data and technology expertise to mitigate current and emerging risk, expand our insurance offerings to keep more businesses safe and build a better experience for insurance brokers and their clients.”
With the addition of Coalition’s products to Attune’s broker platform and marketplace, brokers will be able to access a wide variety of leading insurance products from a single interface to more efficiently meet their clients’ needs, the Coalition statement says. Coalition reports that its risk management platform, Coalition Control, will also be made available to all Attune policyholders to help them proactively monitor and prevent risks to their organizations.
Offering More Digitally Powered Insurance Products
“I am excited for our teams to work with one another to offer more digitally powered insurance products to more brokers and help organizations mitigate risk,” comments James Hobson, CEO, Attune. “Our brokers will soon be able to offer businesses access to Coalition cyber insurance alongside the business owner policies, general liability and other leading Attune products in a comprehensive package.”
Coalition reports that, with the close of this acquisition, the combined company now serves over 130,000 customers. The combined Attune-appointed brokers will continue to have access to the Attune marketplace where they now have access to a number of additional lines of insurance including BOP, Workers’ Compensation, General Liability, Professional Liability and Excess Liability insurance, as well as Coalition’s cyber insurance offering. Attune will continue to operate as a standalone business with access to Coalition’s leading technology and data capabilities to enhance underwriting and risk management. Both the Coalition and Attune teams are poised for growth and will continue to scale into 2022 and beyond, the Coalition statement says.