With new surplus lines capacity backed by Lloyd’s, cyber insurance and security company Coalition is moving beyond offering primary insurance coverage and entering the excess cyber insurance market.
The San Francisco-based managing general agency (MGA) says it will now provide insurance brokers with excess cyber liability and technology errors & omissions insurance for middle market accounts in the United States with up to $10 million in aggregate limits.
The company is also offering free access to its cybersecurity capabilities, including attack surface monitoring, an in-house response team of security experts, and a suite of services and tools.
“Cyber risk for middle market businesses is growing significantly as they heavily rely on technology for all aspects of their operations. Unfortunately, they remain severely underinsured and under-prepared to manage these risks and are left vulnerable without the tools to protect themselves. By including Coalition on a tower as an excess insurer, brokers now have more options to protect their clients with cybersecurity once accessible only to national governments and large enterprises,” said Shawn Ram, head of Insurance at Coalition.
Through its proprietary BinaryEdge platform, Coalition offers a cybersecurity service that scans the global Internet and provides real-time threat intelligence to help reduce cyber risk. This monitoring tracks the insured’s own web properties, but also the exposures of its vendors that are often the source of attack.
Coalition is backed by Swiss Re Corporate Solutions, Lloyd’s of London, and Argo Group and Coalition provides companies with up to USD $15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia, as well as CAD $20M of coverage across all 10 provinces and 3 territories in Canada.
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