SAN FRANCISCO, June 30, 2022 (GLOBE NEWSWIRE) — Coalition, the world’s first Active Insurance company and a leading cyber insurance provider, today announced a new multi-year partnership with Allianz to back its U.S. and U.K. cyber programs.
This new agreement provides Coalition with long-term committed capacity for its cyber insurance programs off the back of Coalition’s market leading performance. Allianz will assume a share of all Coalition U.S. non-admitted cyber programs and lead Coalition’s U.K. cyber program when it launches later this year.
Coalition continues to expand its capacity relationships and cyber insurance business in a highly dynamic market. In March of 2022 Coalition’s run rate GWP (gross written premium) reached nearly $740 million as the company scaled to serve more than 160,000 customers while far outpacing benchmarks for cyber insurance performance.
“Cyber is one of the top risks for businesses globally and while the risk landscape is not getting any easier, we are expanding our offering for customers,” said Scott Sayce, Global Head of Cyber at Allianz. “We constantly urge our customers to strengthen their cyber defenses and, with its innovative approach to cyber risk, Coalition has proven that data and technology can be very effective to prevent and resolve cyber claims.”
“We’re thrilled to announce that Allianz, one of the world’s largest insurance companies, is partnering with Coalition to protect the unprotected,” said Shawn Ram, Head of Insurance for Coalition. “Far too many organizations simply aren’t prepared to manage and mitigate cyber risk. Coalition’s Active Insurance offers demonstrably better protection from cyber threats and with Allianz’s support we will be able to provide Active Cyber Insurance to more organizations worldwide.”
Coalition is the leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by leading global insurers Allianz, Swiss Re Corporate Solutions, Arch Insurance North America, Lloyd’s of London, and Ascot Group, Coalition offers its insurance products in the US and Canada and its security products to organizations globally. 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. Headquartered in San Francisco, Coalition is a distributed company with a global workforce that collaborates both digitally and in office hubs across the globe.
The Allianz Group is one of the world’s leading insurers and asset managers with more than 126 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 809 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage 2.0 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2021, over 155,000 employees achieved total revenues of 148.5 billion euros and an operating profit of 13.4 billion euros for the group.
These assessments are, as always, subject to the disclaimer provided below.
* Including non-consolidated entities with Allianz customers
Highwire PR for Coalition