Funding from Allianz X, Valor Equity Partners, Kinetic Partners, and existing investors will accelerate Coalition’s vision to provide security for all
San Francisco, CA (July 8, 2022) — Coalition, the world’s first Active Insurance company designed to prevent digital risk before it strikes, is pleased to announce it has raised an additional $250 million to accelerate its rapid growth, power international expansion, and broaden the services Coalition offers to help organizations manage digital risk. This funding round closed in June with participation from Allianz X, Valor Equity Partners, Kinetic Partners and other existing investors, increasing Coalition’s valuation from $3.5 billion to $5 billion.
Coalition’s Active Insurance combines industry-leading cybersecurity tools, access to around-the-clock digital forensics and incident response, and broad insurance coverage to help organizations identify, mitigate, and insure digital risk. Coalition’s technology advantage has allowed the company to build a sustainable, high-performing book of business in a highly-dynamic cyber market, while also helping Coalition customers spot and manage digital risk before it strikes. Coalition now serves over 160,000 customers with Active Cyber Insurance, Active Executive Risks Insurance, P&C insurance, and cybersecurity capabilities.
The new funding comes as Coalition continues its wave of growth at massive scale, exceeding $775 million in run rate GWP (gross written premium) and a nearly 200% increase in revenue growth over the prior year. Coalition partners with brokers in all 50 states to provide active cyber and active executive risks insurance and offers active cyber insurance across Canada. Later this year, Coalition will launch its UK active cyber program in partnership with Allianz, as announced last week.
“Many organizations remain unprotected in the face of rising digital threats, and neither traditional insurance nor cybersecurity alone is well equipped to help them,” said Joshua Motta, CEO and co-founder of Coalition. “Our active approach to underwriting, monitoring, and responding to digital risk has allowed Coalition to achieve market leading underwriting results while demonstrably reducing claims and losses for our customers so they can continue to thrive in the digital economy.”
“Coalition’s active, tech-based approach to cybersecurity and cyber insurance has proven to be profoundly effective, which is also reflected in its outstanding business results,” said Dr. Nazim Cetin, CEO of Allianz X. “The trends driving the importance of cyber defense are irreversible. We see an active approach as the most effective solution for addressing cyberthreats to businesses both now and in the future.”
“Coalition demonstrates clear market and technology leadership with growing network effects,” said Chris Golden, Founder and Chief Investment Officer at Kinetic Partners. “With the company’s high-quality culture and outstanding execution, we believe Coalition’s competitive advantages and value-creation will continue to compound in the coming years.”
Coalition has raised over $755 million in equity funding to date from leading global technology investors, including Durable Capital, T. Rowe Price Associates Inc, Whale Rock Capital, Index Ventures, General Atlantic, Ribbit Capital, Vy Capital and Valor Equity Partners, among others. Founded in 2017 by Joshua Motta and John Hering, Coalition is one of the largest cyber insurance and security providers in the United States and Canada.
Founded in 2017, Coalition is the world’s first Active Insurance company designed to prevent digital risk before it strikes. Coalition is on a mission to provide security for all and create a safe digital economy where everyone can thrive. Coalition provides cyber, executive risks, and P&C insurance policies paired with active risk assessment and monitoring technology to help small and medium-sized organizations protect themselves in a digital world. Backed by leading global insurers Swiss Re Corporate Solutions, Arch Insurance, Lloyd’s of London, and Zurich North America, Coalition provides companies in the U.S. and Canada with up to USD $15 million of cyber and technology insurance coverage and up to $5 million of executive risks coverage. As of September 2021, Coalition has raised $520 million from Index Ventures, Ribbit Capital, Valor Ventures, Durable Capital, T. Rowe Price Associates, and Whale Rock Capital. For more information, visit www.coalitioninc.com.
About Allianz X
Allianz X invests in digital frontrunners in ecosystems relevant to insurance and asset management. In just a few years, it has grown to a portfolio of more than 25 companies and AuM of over 2 billion euros. Allianz X has counted 11 unicorns among its portfolio so far. The heart and brains behind it all is a talented team of around 40 people. As one of the pillars of the Allianz Group’s digital transformation strategy, Allianz X provides an interface between Allianz Operating Entities and the broader digital ecosystem, enabling collaborative partnerships in insurtech, fintech, and beyond. As an investor, Allianz X supports mature digital growth companies to take the next bold leap and reach their full potential. For more information, visit allianzx.com.
About Kinetic Partners
Kinetic Partners Management, LP (“Kinetic”) is an investment firm focused on global public and private equities. Kinetic seeks to provide thought partnership, support, and capital to exceptional teams driving innovation. Kinetic was founded by Chris Golden and maintains offices in Miami, Florida and New York, New York.
SOURCE: Coalition Inc. via Highwire PRTags: Allianz, Coalition Inc., Cyber Insurance, cyber risk, funding, InsurTech, InsurTech Spotlight, seed funding