Coalition Re to Offer Active Cyber Reinsurance via Two Products Supported by Aspen-led Capacity
SAN FRANCISCO–(BUSINESS WIRE)–Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, today announced the creation of its reinsurance intermediary, Coalition Re, to provide capacity for cyber reinsurance treaties and expand on its mission to protect more unprotected businesses.
Coalition Re provides capacity for non-proportional cyber reinsurance treaties, as well as a white-labeled cyber insurance product with up to 100% quota share support for cedants seeking to offer cyber insurance as an endorsement to an existing insurance product offering. Both are available globally and supported by a robust panel of capacity providers led by Aspen, a leading specialty insurer and reinsurer.
“In reinsurance, there is often a breakdown of information where reinsurers know less about policyholders than the primary insurers. Combine that with a lack of cyber expertise and proper data usage among reinsurers, and the result is inaccurately priced reinsurance contracts and a misconception around how to measure cyber accumulation exposure,” said Shawn Ram, Head of Insurance at Coalition. “Coalition Re is a new type of reinsurance provider whereby we equip carriers with deeper insights into the cyber risk in their books, which adds value far beyond simply adding capacity. By democratizing Coalition’s industry-leading technology, we can better align interests with cedants and promote a more stable cyber reinsurance market.”
Coalition Re builds a bottom-up view to price non-proportional reinsurance contracts accurately, giving primary cedents the ability to learn more about their cyber insurance policyholders and gain visibility into key sources of risk within their portfolios. In addition, Coalition Re offers cedants a holistic, white-labeled product that includes the full suite of risk mitigation tools and services currently available only for Coalition’s standalone Active Cyber Insurance policyholders. Active Insurance helps underlying policyholders before, during, and after an incident, unlike existing policies that do not provide cyber risk mitigation and response.
“Unlike other reinsurers, Coalition doesn’t rely on historical or third-party data. We have built a robust and innovative approach to cyber reinsurance underwriting, leveraging continuous, internet-wide data collection, AI-enabled threat detection, and real-world security and insurance expertise,” continued Ram. “This allowed us to build the reinsurance industry’s most comprehensive picture of the cyber risk landscape and will set Coalition Re apart from other reinsurers.”
“We are thrilled to partner with Coalition on this innovative reinsurance offering to bring clarity to the increasingly complex and critical risk of cyber,” said Bobby Bianconi, Global Head of Cyber at Aspen. “We see a significant opportunity for this new capacity and the unique cyber risk insights that will complement the offer, with Coalition well-positioned to deliver these value-add services to cedants. We look forward to the continued work we will do with Coalition to bring market-leading cyber coverage to clients.”
About Coalition
Coalition is the world’s first Active Insurance provider designed to help prevent digital risk before it strikes. By combining comprehensive insurance coverage and cybersecurity tools, Coalition helps businesses manage and mitigate potential cyber attacks. Leveraging its relationships with leading global insurers and capacity providers, including Coalition Insurance Company, Coalition offers Active Insurance products to businesses in the United States, the United Kingdom, Canada, Australia, and Germany. Policyholders can receive automated cyber alerts and access expert advice and global third-party risk management tools through Coalition’s holistic cyber risk management platform, Coalition Control®.
Insurance products are offered by Coalition Insurance Solutions Inc. (“CIS”), a licensed insurance producer and surplus lines broker with its principal place of business in San Francisco, CA (Cal. license #0L76155), acting on behalf of a number of unaffiliated insurance companies and available on an admitted basis through Coalition Insurance Company (“CIC”) a licensed insurance underwriter (NAIC # 29530). Insurance products offered through CIS and CIC may not be available in all states. Complete license and carrier information is available here. CIS may receive compensation from an insurer or other intermediary in connection with the sale of insurance. All decisions regarding any insurance products referenced herein, including approval for coverage, premium, commission, and fees, will be made solely by the insurer underwriting the insurance under the insurer’s then-current criteria. All insurance products are governed by the terms, conditions, limitations, and exclusions set forth in the applicable insurance policy. Please see a copy of your policy for the full terms, conditions, and exclusions. Copyright © 2024. All rights reserved. Coalition and the Coalition logo are trademarks of Coalition, Inc. or its affiliates.
About Aspen Insurance Holdings Limited
- Aspen. Clarity from Complexity ™
- Aspen Insurance Holdings Limited provides specialty insurance and reinsurance products to clients in various domestic and global markets through wholly-owned operating subsidiaries in Bermuda, the United Kingdom and the United States, as well as branch operations in Canada, Singapore and Switzerland.
- With 1,000 employees worldwide, we serve over 31,000 individual and corporate customers, and have deep relationships with more than 450 brokers across our insurance and reinsurance segments.
- For the year ended December 31, 2023, we reported $15.2 billion in total assets, $7.8 billion in gross reserves, $2.9 billion in total shareholders’ equity and $4 billion in gross written premiums.
- We have a strong investments portfolio with an average credit rating of “AA-”.
- Through Aspen Capital Partners we operate as a third-party asset management platform providing capital markets investors with direct access to expertly-managed insurance and reinsurance risk.
- Our operating subsidiaries have been assigned a rating of “A” (“Excellent”) by A.M. Best Company Inc and “A-” by Standard & Poor’s Financial Services LLC.
- We provide protection, partnership, and purpose in our claims service. In 2023, we assessed, paid, and closed over 34,000 claims and paid out more than $2.4bn.
- We are committed to progressing our sustainability agenda and have signed several United Nations sustainability actions including the UN Global Compact for Sustainable Development, UNEP FI Principles for Sustainable Insurance, and UN Principles for Responsible Investment.
- For more information about Aspen, visit www.aspen.co or follow us on LinkedIn.
Contacts
Marisa Graves
Communications at Coalition
press@coalitioninc.com
