Coalition, a San Francisco-based cyber insurance and security company, has acquired Attune, a digital agency with a platform focused on commercial insurance.
With the acquisition, Coalition maintains it will be the world’s largest commercial insurtech provider, with more than 130,000 policyholders in play.
Attune was a wholly owned subsidiary of Attune Holdings, LLC, a Delaware limited liability company, which is a joint venture among AIG Property Casualty U.S., Inc., Two Sigma Insurance Quantified, LP and Hamilton U.S. Holdings II, Inc. Those firms jointly launched Attune as a startup in late 2016, and CEO James Hobson has been in charge since early 2017. Attune has 150 people, who will become part of a company with 270 employees.
Neither Coalition nor Attune are disclosing financial terms, though a Coalition spokesperson disclosed the M&A move is “an all-cash transaction.”
In acquiring Attune, Coalition is getting an insurance producer licensed in 50 states through which brokers and customers have the ability to quote and bind businessowners, workers’ compensation, commercial liability excess, professional liability, and general liability policies in minutes for hundreds of small-commercial classes, the announcement noted.
Coalition said will it also offer its cyber insurance and its risk management tool Coalition Control through Attune and launch an expanded set of Attune’s insurance offerings over time.
“Together, our companies will define the future of insurance by applying data and technology expertise to mitigate current and emerging risk, expand our insurance offerings to keep more businesses safe, and build a better experience for insurance brokers and their clients,” Joshua Motta, CEO and co-founder of Coalition, said in prepared remarks.
News of the deal comes about a week after Coalition, a managing general agency, disclosed it had raised $205 million in venture financing, with a push into public markets among its future plans.
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