31 January 2023Analysis

Cyber insurer Coalition launches new carrier

Commercial insurtech provider Coalition has officially launched Coalition Insurance Company (CIC), a wholly-owned admitted insurance carrier. It has secured an A- rating from AM Best.

The carrier will provide expanded capacity for Coalition’s Active Cyber Insurance, which combines cyber coverage with digital tools to monitor and manage risks and access to Coalition’s incident response services.

“The launch of CIC is the continuation of Coalition’s mission to protect the unprotected as the world digitizes,” wrote head of insurance Shawn Ram in an update on the company’s website.

“Often, these unprotected organizations are the small businesses that lack access to the cyber security tools, talent, and training needed to protect themselves from a growing class of cyber threats.

“With the launch of CIC, these businesses will have access to Coalition’s Active Cyber Insurance, which combines comprehensive cyber coverage, digital tools to monitor and manage their risk, and optional access to Coalition’s incident response capabilities to help spot, prevent and respond to digital risk.”

At the end of 2021, Coalition launched a captive to begin taking risk on its cyber insurance programs and last year it partnered with Allianz to provide multi-year capacity for US and UK cyber insurance programs.

CIC will be available for quoting in selected states in March, with more states following throughout 2023.

More on this story

21 September 2023   The company is a subsidiary of a Columbian power company.
19 September 2023   The rating agency said that the captive has a strong balance sheet.
18 September 2023   The decision comes after the company was placed into run-off.