(Image source: Coalition homepage.)
Coalition, a San Francisco-based InsurTech backed by Swiss Re, Lloyd’s and Argo Group combining cyber security solutions and cyber insurance, announced that it has received regulatory approval and completed the acquisition of Digital Affect Insurance Company (Burlington, Vt.) from Munich Re Digital Partners U.S. Holding Corporation (Atlanta). Digital Affect Insurance Company is a property/casualty insurer licensed in all 50 states.
Coalition says the acquisition will allow the company to offer insurance policies through its own admitted insurance carrier. Coalition currently offers cyber, technology errors & omissions, directors and & officers, and other executive risks policies through partnerships with Allianz, Arch Insurance North America, Ascot Group, Lloyd’s of London, Swiss Re Corporate Solutions, Vantage, and Zurich among others.
“This strategic move empowers Coalition to expand the reach of our market leading active cyber insurance offering together with other admitted insurance products,” comments Shawn Ram, Head of Insurance, Coalition. “The acquisition is a natural next step in our evolution and will allow us to better serve our broker partners and customers, while continuing to push the boundaries of innovation in cyber insurance, executive risks insurance, and beyond.”
This acquisition is the latest in a series of company milestones announced during 2022. Most recently Coalition reported a $250M investment in July 2022, boosting the valuation of the company to $5B, and appointed its first ever chief financial officer and general counsel earlier this month ahead of a planned expansion into the U.K.
Coalition describes its Active Insurance as combining cybersecurity tools, access to around-the-clock digital forensics and incident response, and comprehensive insurance coverage to help organizations identify, mitigate, and insure digital risk. Coalition asserts that its technology advantage has allowed the company to build a sustainable, high-performing book of business in a highly-dynamic cyber market, while also helping Coalition customers spot and manage digital risk before it strikes. Coalition now serves over 160,000 customers with Active Cyber Insurance, Active Executive Risks Insurance, P&C insurance, and cybersecurity capabilities.