SAN FRANCISCO, March 11, 2021 /PRNewswire/ -- Swiss Re Corporate Solutions, the commercial insurance unit of the Swiss Re Group, and Coalition, one of the leading providers of cyber insurance and security, today announced the extension of their strategic agreement to provide broad cyber insurance and technology errors & omissions insurance to small and midsize organizations throughout the US and Canada.
The new multi-year agreement reinforces the companies' ongoing collaboration and Coalition's position as one of the leading providers of cyber insurance and security for small to midsize businesses. This new agreement also advances Swiss Re Corporate Solutions' support of Coalition's innovative approach to underwriting, continuous risk mitigation, and claims management as it expands into new products and markets.
The signing of the agreement follows the strong growth and performance of Coalition's insurance programs and security services in the US and Canada. Over the past two years, Coalition has grown to over $240M of run-rate gross written premium (GWP) and serves more than 41,000 customers. Coalition's consistently profitable growth is a result of its data-driven approach to underwriting, continuous monitoring of insureds' risks, and efficient claims management together with an in-house incident response capability.
"Coalition offers a novel approach to managing, mitigating, and transferring cyber risk, and it's working as evidenced by their tremendous growth over the past three years," said Swiss Re Corporate Solutions SVP Sandy Codding. "We are committed to supporting Coalition's mission to solve cyber risk, and with this new agreement we've solidified our alliance for the long-term."
"We're pleased to deepen our collaboration with Swiss Re Corporate Solutions, and share their commitment to building creative solutions that make businesses more resilient," said Shawn Ram, Head of Insurance at Coalition. "Cyber attacks and technology failures can be devastating to organizations large and small, and we've never been in a better position to provide our broker partners and policyholders with the stability and security necessary to protect themselves from cyber risk."
Swiss Re Corporate Solutions provides risk transfer solutions to large and mid-sized corporations around the world. Its innovative, highly customised products and standard insurance covers help to make businesses more resilient, while its industry-leading claims service provides additional peace of mind. Swiss Re Corporate Solutions serves clients from offices worldwide and is backed by the financial strength of the Swiss Re Group. Visit corporatesolutions.swissre.com or follow us on Linkedin and Twitter.
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 Swiss Re Corporate Solutions, Arch Capital Group Ltd, Lloyd's of London, and Argo Group, 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 nine provinces and three territories in Canada. Coalition's cyber risk management 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 has presences in New York, Los Angeles, Chicago, Dallas, Washington DC, Miami, Atlanta, Denver, Austin, Vancouver, and Toronto.
In the United States, insurance products underwritten by North American Capacity Insurance Company and North American Specialty Insurance Company, New Hampshire corporations and members of Swiss Re Corporate Solutions. Surplus lines insurance products are available only through licensed surplus lines brokers and may not be available in all states. In Canada, insurance products underwritten by Westport Insurance Corporation, a Missouri corporation and member of Swiss Re Corporate Solutions.