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Markets/Coverages: Coalition Enters Excess Cyber Insurance Market in Australia

May 15, 2024

Coalition, the San Francisco-based cyber managing general agent and cyber-security firm, announced it entered the excess cyber insurance market in Australia, enabling businesses to add a layer of risk management to their cyber towers.

Australian brokers can now sell coverage of up to A$20 million (US$13.2 million) above a primary layer of insurance from another cyber insurance provider, Coalition said.

Coalition’s excess policies can include drop-down cover over select sub-limited coverage, like funds transfer fraud and social engineering, via endorsement. Additionally, with any Active Cyber Insurance policy offered by Coalition, organizations gain access to the company’s cyber risk management platform, Coalition Control, and a dedicated security support team to answer questions and help resolve security issues or alerts.

“Building on the success of our primary launch, we’re thrilled that Coalition’s innovative Active Cyber Insurance offering for excess is available for brokers to start quoting now,” said Sam Weaver, Coalition’s general manager, Australia. “Our broad appetite for offering cyber coverage will enable more Australian businesses to acquire cyber insurance and be better protected from digital risks.”

Australia is Coalition’s fourth global market, having launched in the U.S. in 2018, Canada in 2020, and the U.K. in 2022. The firm already offers excess cyber products in its other global markets.

Brokers can submit directly to Coalition’s expert underwriting team at aus@coalitioninc.com and learn more about Active Insurance at: https://www.coalitioninc.com/au.

Source: Coalition

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