Allianz will assume a share of all Coalition non-admitted cyber programs in the US and will also lead Coalition’s UK cyber program when it launches later this year.
Active Insurance is designed to prevent digital risk before it strikes, combining the power of technology and insurance to help organizations identify, mitigate and respond to digital risks.
Cyber Insurance Market Grows
Shawn Ram, Head of Insurance for Coalition, in a prepared statement, summed up the impact of the partnership with Allianz:
“We’re thrilled to announce that Allianz, one of the world’s largest insurance companies, is partnering with Coalition to protect the unprotected. Far too many organizations simply aren’t prepared to manage and mitigate cyber risk. Coalition’s Active Insurance offers demonstrably better protection from cyber threats and with Allianz’s support we will be able to provide Active Cyber Insurance to more organizations worldwide.”
Scott Sayce, Global Head of Cyber at Allianz, added:
“Cyber is one of the top risks for businesses globally and while the risk landscape is not getting any easier, we are expanding our offering for customers. We constantly urge our customers to strengthen their cyber defenses and, with its innovative approach to cyber risk, Coalition has proven that data and technology can be very effective to prevent and resolve cyber claims.”
Coalition continues to expand its capacity relationships and cyber insurance business in a highly dynamic market, the company said. In March 2022, Coalition’s run rate GWP (gross written premium) reached nearly $740 million, as the company scaled to serve more than 160,000 customers while far outpacing benchmarks for cyber insurance performance.
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