Coalition 2024 Cyber Claims Report Also Reveals Increased Risks Associated with Boundary Devices like Firewalls and VPNs
San Francisco, CA (May 2, 2024) — Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, is pleased to announce the expansion of its cyber insurance offering to large enterprise businesses in Canada with revenues of up to CAD 5 billion, except in the province of Quebec.
“This expansion to enterprise-sized businesses means Coalition can offer all the benefits of Active Insurance to customers with much larger attack surface to defend and, therefore, greater cyber exposures,” said Kelly McGuinness, Coalition’s Team Lead Canada, Production Underwriting and Eastern Business Development. “Now, large Canadian businesses can gain access to Coalition’s first integrated cyber defense that brings together active cyber risk assessment, proactive protection against cyber threats, expert response, and comprehensive cyber coverage.”
Each policy offered by Coalition Insurance Solutions Canada, Inc. (CIS Canada) includes onboarding calls with experts to guide policyholders on what to expect through their Active Insurance journey, a variety of Tabletop Exercises to guide policyholders on how to respond and recover from cyber incidents, and dedicated Security Services offerings through Coalition’s affiliate, Coalition Incident Response.
This expanded underwriting appetite is available for CIS Canada’s primary and excess programs, except in Quebec. The company’s increased appetite above its former revenue cap of $1 billion comes from a syndicated placement across its existing partners and aligns with its existing appetite. For brokers, this expansion to large enterprise businesses means an opportunity to offer Coalition policies to more customers.
- Learn more about Coalition in the InsurTech Spotlight.
About Coalition
Coalition is the world’s first Active Insurance provider designed to help prevent digital risk before it strikes. By combining comprehensive insurance coverage and cybersecurity tools, Coalition helps businesses manage and mitigate digital risks. Coalition offers its Active Insurance products in the U.S., U.K., and Canada through relationships with leading global insurers, as well as cyber capacity through its own carrier, Coalition Insurance Company. Coalition’s Active Risk Platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses worldwide remain resilient against cyber attacks. Headquartered in San Francisco, Coalition is a distributed company with a global workforce that collaborates digitally and in office hubs. For more information, visit www.coalitioninc.com.
Insurance products are offered by Coalition Insurance Solutions Inc. (“CIS”), a licensed insurance producer and surplus lines broker with its principal place of business in San Francisco, CA (Cal. license #0L76155), acting on behalf of a number of unaffiliated insurance companies and available on an admitted basis through Coalition Insurance Company (“CIC”) a licensed insurance underwriter (NAIC #29530). Insurance products offered through CIS and CIC may not be available in all states. CIS may receive compensation from an insurer or other intermediary in connection with the sale of insurance. All decisions regarding any insurance products referenced herein, including approval for coverage, premium, commission, and fees, will be made solely by the insurer underwriting the insurance under the insurer’s then-current criteria. All insurance products are governed by the terms, conditions, limitations, and exclusions set forth in the applicable insurance policy. Please see a copy of your policy for the full terms, conditions, and exclusions. Copyright © 2023. All rights reserved. Coalition and the Coalition logo are trademarks of Coalition, Inc. or its affiliates.
SOURCE: Coalition via Omnia Partners
Tags: Coalition Inc., InsurTech, InsurTech Spotlight
