Backed by a multi-year capacity agreement with Allianz Global Corporate & Specialty, Coalition will distribute its products via brokers across the UK. Focused on the UK’s SME sector, Coalition’s risk appetite encompasses businesses up to £1 billion in turnover.
Coalition helps small and mid-sized organizations manage cyber risk by combining cybersecurity tools, monitoring, 24-hour access to digital forensics, incident response and broad insurance coverage.
Coalition said its model offers better protection for small and mid-sized organizations, and as a result, Coalition’s US cyber insurance policyholders experience 70% fewer cyber claims than the broader US market.
Koalisie opened its London office with a new team, including several London market veterans. Stephen Wares, former Chief Cyber Underwriter of MS Amlin, has joined Coalition as Head of Risk Engineering, UK. Former Gallagher technology and cyber practice leader Tom Draper has joined as head of Insurance, UK. The company will expand the team over the autumn.
“We aim to democratize cyber services and protection for UK businesses and help brokers show their customers the real value of Active Insurance. With our technology-enabled approach to underwriting, we offer brokers the ability to quote and bond 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 offering to the UK market.”
Launched in 2017, Coalition is now a leading cyber insurance provider in North America. The UK is Coalition’s second market outside the US, having launched in Canada in 2020. In North America, Coalition serves more than 160,000 clients with active cyber insurance, active executive risk insurance, P&C insurance and cybersecurity capabilities. In the UK, it will initially distribute cyber insurance along with free active monitoring and cyber response services.
Through its partnerships with global insurers, including Arch Insurance North America, Allianz, Ascot Group, Lloyd’s of London, Swiss Re Corporate Solutions and Vantage, Coalition offers its products in the US, the UK and Canada, and its security products to organizations worldwide. Coalition’s Active Risk Platform provides automated security alerts, threat intelligence, expert guidance and cybersecurity tools to help businesses remain resilient in the face of cyberattacks.
