Cyber MGA Coalition Launches in UK Insurance Market

September 6, 2022

Coalition, the San Francisco-based cyber managing general agent, began trading in the UK, effective Sept. 1, and has opened a London office.

Backed by a multi-year capacity agreement with Allianz Global Corporate & Specialty, Coalition will distribute its products via brokers across the UK. Targeting the UK’s SME sector, Coalition’s risk appetite encompasses firms up to £1 billion in turnover.

Coalition helps small and midsize organizations manage cyber risk by combining cyber-security tools, monitoring, access to around-the-clock digital forensics, incident response, and broad insurance coverage.

Coalition said its model offers better protection for small and midsize organizations, and as a result, Coalition’s US cyber insurance policyholders experience 70% fewer cyber claims than the broader U.S. market.

Coalition has opened its London office with a new team, including several London market veterans. Stephen Wares, former MS Amlin principal cyber underwriter, joined Coalition as head of Risk Engineering, UK. Tom Draper, former Gallagher technology and cyber practice leader, joined as head of Insurance, UK. The business will expand the team over the autumn.

“We aim to democratize cyber services and protection for UK businesses and help brokers show their clients the real value of Active Insurance. With our tech-enabled approach to underwriting, we offer brokers the ability to quote and bind in seconds. We assess each risk on its merits and profile during that time, not just industry standards. This speed of service, combined with sophisticated cyber protection and comprehensive insurance protection, is a powerful offer to the UK market.”

Coalition launched in 2017 and is now a leading cyber insurance provider in North America. The UK is Coalition’s second market outside the U.S., having launched in Canada in 2020. In North America, Coalition serves over 160,000 customers with Active Cyber Insurance, Active Executive Risks Insurance, P&C Insurance, and cybersecurity capabilities. In the UK, it will initially distribute cyber insurance along with free active monitoring and cyber response services.

Through its partnerships with global insurers, including Arch Insurance North America, Allianz, Ascot Group, Lloyd’s of London, Swiss Re Corporate Solutions, and Vantage, Coalition offers its products in the U.S., UK, and Canada, and its security products to organizations worldwide. Coalition’s Active Risk Platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber-attacks.

Source: Coalition

Topics Trends Cyber New Markets Insurance Wholesale Market

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