New captive supports Coalition’s long-term growth objectives and mission to solve cyber risk
San Francisco, CA (Dec. 13, 2021) — Coalition, the world’s largest commercial InsurTech provider, is pleased to announce it will launch a new captive to begin taking risk on its cyber insurance programs. With this captive, Coalition will enhance its ability to manage capacity and its long-term growth objectives while further aligning incentives with its customers.
Coalition’s technology-driven approach is powering a new, more successful model of risk management, which has resulted in policyholders experiencing 70% fewer cyber claims when compared to other carriers in the market. In 2021, the success of Coalition’s underwriting model was validated by long-term capacity agreements from multiple A+ rated carriers. Coalition has delivered superior claims results amidst significant growth as it crosses $400M in run rate premium, an 800% increase over the prior year.
“Today’s announcement demonstrates our unwavering commitment to protecting businesses from cyber risk, and our confidence in Coalition’s approach to underwriting and risk management,” said Shawn Ram, Head of Insurance at Coalition. “Coalition provides businesses with the most comprehensive insurance available backed by the financial strength of multiple A+ rated insurers. With our new captive, we add another layer of security and stability, and more closely align our financial incentives with our customers.”
Dovid Tkatch, Coalition’s recently appointed Head of Insurance Infrastructure and Actuarial Science, will support development of the captive as well as oversee pricing, reserving, capital requirements, and regulatory compliance.
Coalition’s broker platform integrates real-time security, financial, regulatory, and transactional data to create a seamless quoting experience where brokers can generate bindable quotes in just 5 minutes. Today Coalition serves over 130,000 customers with digitally-powered insurance that can leverage vast amounts of data to assess, mitigate, and measure risk for businesses.
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 Insurance, Lloyd’s of London, and Zurich North America, Coalition provides companies with up to USD $15 million of cyber and technology insurance coverage in the United States, CAD $20M of coverage in Canada, and up to USD $5 million of D&O and EPL coverage in the United States. 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.Tags: captive, Coalition Inc., launch