The collaboration aims to deploy cyber insurance capacity across the United States, commencing on or after April 1, 2024.
Under the terms of the agreement, Aspen will undertake a portion of Coalition’s U.S. surplus lines cyber program for the current year. This milestone agreement builds upon Aspen’s existing support for Coalition in the United Kingdom and Canada, reinforcing their global partnership.
The capacity deal between Coalition and Aspen was facilitated by McGill & Partners, a leading insurance brokerage firm known for its expertise in navigating complex insurance arrangements.
“Coalition continues to see robust interest in our innovative and profitable Active Insurance model. We continue consolidating capacity in the market because of our industry-leading underwriting results and capabilities,” commented Shawn Ram, Head of Insurance at Coalition. “We’re thrilled to have Aspen join our U.S. panel of capacity partners and continue providing outstanding cyber coverage to our policyholders.”
“As the global cyber insurance market continues to grow, we remain committed to bringing clarity to this increasingly complex and critical risk. At Aspen, we view ourselves as more than a policy provider, working closely with our clients to add value to their businesses and mitigate the impact of claims,” said Bobby Bianconi, Global Head of Cyber at Aspen.
He continued: “We’re delighted to be partnering with Coalition, whose data-driven approach to cyber risk has shown to be effective in assessing, detecting, and resolving claims.”
Bianconi added: “This agreement complements our evolving risk management program and services, and we’re excited to see how we can further enhance our insureds’ resilience to cyber risks by leveraging both our company’s combined technical expertise.”
Source: Coalition
