Cyber Insurance Acquisition: Coalition Buys Attune
Coalition, a cyber insurance and security company, has purchased Attune for an undisclosed sum. The combined entity will operate as the world’s largest insurtech provider, the buyer asserts.
This is technology M&A deal number 624 that MSSP Alert and sister site ChannelE2E have covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
With the acquisition, Coalition will use Attune’s broker platform and marketplace to extend its cyber insurance market, the company said. Coalition also will apply Attune’s analytics and machine learning advancements to expand its cyber insurance offerings.
In addition, Coalition will offer its Control risk management platform to Attune policyholders, the company stated. This ensures that Attune policyholders can use Control to monitor and address cyber risks.
Coalition and Attune deliver over $500 million in gross written premium (GWP) run rate, the companies indicated. Furthermore, they support over 130,000 customers globally.
The Attune acquisition comes after Coalition in September 2021 completed a $205 million Series E funding round and increased its valuation to over $3.5 billion. Coalition is using the Series E funding to scale its operations, expand into new insurance lines and help organizations explore new ways to guard against cyber risks.
Coalition has received over $500 million in equity financing to date. It achieved a $325 million run rate premium in 2021 and looks poised to accelerate its cyber insurance market growth in the foreseeable future.
What Is Coalition?
Coalition combines insurance and cybersecurity tools to help organizations manage and mitigate cyber risks, the company noted. Organizations can use Coalition’s cyber risk management platform to automate security alerts, obtain threat intelligence and discover ways to protect against cyberattacks.
Meanwhile, Coalition is backed by Swiss Re, Arch Insurance and other global insurers. It also provides up to $15 million in cyber and technology insurance coverage to organizations in the United States and CAD $20 million (approximately $15.9 million) across nine provinces and three territories in Canada.