Coalition Enters Excess Cyber Insurance Market in Canada

Cyber insurance industry leader expands product offering to better serve Canadian companies

San Francisco, CA (July 14, 2021) — Coalition, the leading cyber insurance and security company, today announced it will enter the excess cyber insurance market in Canada to help protect businesses with enhanced coverage and free access to Coalition’s state-of-the-art cybersecurity capabilities, including attack surface monitoring, an in-house response team of security experts, and a suite of services and tools. Coalition began offering excess cyber insurance in the United States in July 2020.

Coalition will extend its reach beyond primary insurance coverage in Canada to provide brokers with excess cyber liability and technology errors & omissions insurance for accounts with up to CAD $5 million in aggregate limits for companies with up to CAD $1 billion in revenue. This new excess capacity is backed by the financial security of Arch Insurance Canada Ltd. (A.M. Best A+ Superior).

Coalition launched in Canada in May of 2020 and has since become one of the country’s largest writers of cyber insurance, offering up to CAD $20 million of comprehensive insurance coverage supported by the financial strength of Swiss Re Corporate Solutions and Arch Capital Group Ltd. (A.M. Best A+ Superior) to companies with up to CAD $1 billion in annual revenue.

With a customer base currently spanning more than 50,000 small-medium sized businesses, Coalition is one of the largest providers of cyber insurance and security in the United States and Canada. Coalition announced in March that it raised $175 million to fuel its rapid growth and expansion.

“Since launching in 2020, we’ve grown one of the largest dedicated cyber teams in the market and have built an on-the-ground incident response function to protect Canadian companies,” said Shawn Ram, Head of Insurance at Coalition. “Adding excess insurance to our offering in Canada provides brokers with more options to protect their clients and access Coalition’s cybersecurity tools and services. As the broader cyber marketplace continues to harden and retreat, Coalition is looking for new ways to expand its reach, maintaining stable and planned growth in the US and Canada.”

Coalition’s approach to cyber insurance is rooted in risk management and mitigation, bringing together cyber security expertise with the safety of insurance to provide the first truly holistic approach to solve cyber risk. To learn more about Coalition, visit www.coalitioninc.ca.

About Coalition

Coalition is the leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by leading global insurers Swiss Re Corporate Solutions, Arch Capital Group Ltd., Lloyd’s of London, and Argo Group, Coalition provides companies with up to USD $15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia, as well as CAD $20M of coverage across 9 provinces and 3 territories in Canada. Coalition’s cyber risk management platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks. Headquartered in San Francisco, Coalition’s team is global with employees based across the United States, Canada, the United Kingdom, Switzerland, and Portugal. For more information, visit www.coalitioninc.com.

SOURCE: Coalition Inc.

Backgrounder:

Coalition Enters Excess Cyber Insurance Market

Cyber insurance industry leader expands access to help brokers protect middle market companies

San Francisco, CA (July 22, 2020) – Coalition, the leading cyber insurance and security company, today announced it will enter the excess cyber insurance market to help protect middle market businesses with enhanced coverage and free access to Coalition’s state-of-the-art cybersecurity capabilities, including attack surface monitoring, an in-house response team of security experts, and a suite of services and tools.

Coalition will extend its reach beyond offering primary insurance coverage to provide brokers with excess cyber liability and technology errors & omissions insurance for middle market accounts in the United States with up to $10 million in aggregate limits. This new surplus lines capacity is backed by the financial security of Lloyd’s (A rating from AM Best).

“Cyber risk for middle market businesses is growing significantly as they heavily rely on technology for all aspects of their operations. Unfortunately, they remain severely underinsured and under-prepared to manage these risks and are left vulnerable without the tools to protect themselves. By including Coalition on a tower as an excess insurer, brokers now have more options to protect their clients with cybersecurity once accessible only to national governments and large enterprises,” said Shawn Ram, Head of Insurance at Coalition. “Adding excess insurance to our offering moves us one step closer in our mission to solve cyber risk and we will continue to pursue opportunities to provide free cybersecurity tools to under-protected businesses throughout the world.”

Through its proprietary BinaryEdge platform, Coalition brings advanced cybersecurity technology, previously only accessible to large global corporations and the security community, to small and mid-sized businesses. Coalition’s platform scans the global Internet, maps the Internet attack surface of any organization, and provides real-time threat intelligence to help reduce cyber risk. This monitoring tracks the insured’s own web properties, but also the exposures of its vendors that are often the source of attack.

With a customer base currently spanning more than 25,000 small-medium sized businesses — a 600% increase from the prior year — Coalition is one of the largest providers of cyber insurance and security in the United States, and has recently expanded to Canada. Coalition announced in May that it raised $90 million in equity capital to fuel its rapid growth and expansion.

Weryk was most recently Vice President and Head of Cyber Risk for Western and Southern U.S. at XL Catlin. He has also held cyber and technology underwriting positions at XL Catlin and CNA. Weryk has been directly involved in the underwriting of all business classes and sizes of risk, from small businesses to Fortune 100 companies.

About Coalition

Coalition is the leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by leading global insurers Swiss Re Corporate Solutions, Lloyd’s of London, and Argo Group, Coalition provides companies with up to USD $15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia, as well as CAD $20M of coverage across 9 provinces and 3 territories in Canada. Coalition’s cyber risk management platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks. Headquartered in San Francisco, Coalition has presences in New York, Los Angeles, Chicago, Dallas, Washington DC, Miami, Atlanta, Denver, Austin, Vancouver, and Toronto. For more information, visit www.coalitioninc.com.

SOURCE: Coalition Inc.