(Image credit: Fas Khan.)
Coalition, a San Francisco-based InsurTech combining cyber security solutions and cyber insurance, reports that it has commenced trading in the U.K. effective September 1. Backed by a multi-year capacity agreement with Allianz Global Corporate & Specialty, Coalition says it will distribute its products via brokers across the U.K. Targeting the U.K.’s SME sector, Coalition reports that its risk appetite encompasses firms up to £1bn turnover.
Coalition pioneered what it calls Active Insurance, an approach to help small and midsize organizations manage cyber risk by combining cybersecurity tools, monitoring, access to around-the-clock digital forensics, incident response, and broad insurance coverage. Coalition says its model offers better protection for small and midsize organisations, and as a result, the company says, its U.S. cyber insurance policyholders experience 70 percent fewer cyber claims than the broader U.S. market.
Coalition has opened its London office with a new team, including several London market veterans. Stephen Wares, former MS Amlin principal cyber underwriter, joined Coalition as Head of Risk Engineering, U.K. Tom Draper, former Gallagher technology and cyber practice leader, joined as Head of Insurance, U.K. The business will expand the team over the autumn.
“We aim to democratize cyber services and protection for U.K. businesses and help brokers show their clients the real value of Active Insurance,” comments Draper. “With our tech-enabled approach to underwriting, we offer brokers the ability to quote and bind in seconds. We assess each risk on its merits and profile during that time, not just industry standards. This speed of service, combined with sophisticated cyber protection and comprehensive insurance protection, is a powerful offer to the U.K. market.”
Coalition launched in 2017 and now characterizes itself a leading cyber insurance provider in North America. The U.K. is Coalition’s second market outside the U.S., having launched in Canada in 2020. In North America, Coalition says it serves over 160,000 customers with Active Cyber Insurance, Active Executive Risks Insurance, P&C Insurance, and cybersecurity capabilities. In the U.K., Coalition will initially distribute cyber insurance along with free active monitoring and cyber response services.