Coalition now offers excess cyber insurance to Canadian brokers, according to a prepared statement. The news comes after Coalition began offering cyber insurance products in Canada in May 2020.
The excess cyber liability coverage is backed by Arch Insurance Canada, Coalition said. It provides Canadian brokers with excess cyber liability and technology errors and omissions insurance for accounts with up to CAD $5 million (approximately $3.97 million) in aggregate limits for companies with up to CAD $1 billion (approximately $795 million) in revenue.
What Does Coalition's Excess Cyber Insurance Mean for Canadian Brokers?
Coalition's excess cyber insurance provides Canadian brokers with another option to protect their customers against cyberattacks, Head of Insurance Shawn Ram said. It also represents one of several moves Coalition has made to extend its reach across North America.
Previously, Coalition in June 2021 partnered with endpoint detection and response (EDR) provider SentinelOne and launched a joint solution to protect organizations against ransomware attacks. Furthermore, Coalition in March 2021 secured $175 million in a funding round led by venture capital firm Index Ventures and increased its total valuation to $1.75 billion.
A Closer Look at Coalition
Coalition sells multiple cyber insurance coverages to protect organizations against cyberattacks. It also offers a cybersecurity platform that provides organizations with access to a variety of security tools, including:
- Credential Monitor: Sends an alert if employees' credentials, passwords and data have been compromised during a data breach.
- Patch Manager: Scans an organization's systems for out-of-date software and vulnerabilities.
- Security Awareness Training: Offers a story-based employee training platform and simulated phishing emails that organizations can use to educate their workers about cyber threats.
Coalition delivers its cyber insurance products to companies across the United States and in nine provinces and three territories in Canada.