Shawn Ram, head of insurance, Coalition
Commercial insurtech provider Coalition is to launch a new captive to take on risk from its cyber insurance programs. The captive will “enhance its ability to manage capacity and its long-term growth objectives while further aligning incentives with its customers”, according to the company.
Dovid Tkatch, Coalition’s head of insurance infrastructure and actuarial science, will support the development of the captive and oversee pricing, reserving, capital requirements, and regulatory compliance. Tkatch’s appointment was announced last month, following four years with Berkshire Hathaway GUARD Insurance Companies, where he was chief actuary.
Coalition, which combines a cyber security solution with cyber insurance, is the world’s largest commercial insurtech provider. In September, it completed its fifth funding round, valuing it at more than $3.5 billion. It already has over 130,000 customers.
The company’s broker platform integrates real-time security, financial, regulatory, and transactional data to generate bindable quotes in five minutes.
“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.”
Insurance, Reinsurance, Risk, Incentives, Insurtech, Cyber, Security, North America, Dovid Tkatch, Coalition, GUARD Insurance Companies, Appointment