Commercial lines insurtech Coalition, has announced the addition of global specialty re/insurer Ascot Group to back its US primary surplus lines cyber program through Ascot Speciality Insurance Company.
This new multi-year partnership will help to provide Coalition with long-term capacity for its cyber programs, further accelerating the company’s growth.
In 2021, Coalition’s year-over-year revenue grew by more than 400%, as the company scaled to serve 140,000+ customers, and the company’s run rate GWP now exceeds $650 million.
Furthermore, Coalition has also experienced consistently profitable growth as a result of its Active Insurance approach that combines cybersecurity technology with traditional coverage.
Head of Insurance at Coalition, Shawn Ram, commented: “We are proud to share that our coalition of carriers is growing, and we welcome Ascot as a capacity provider and partner in solving cyber risk.
“Coalition is committed to setting a new standard for cyber insurance by spotting and mitigating risks before they strike and providing support both during and after an incident. This Active Insurance model is helping small businesses thrive in our digital economy.”
CEO of US Insurance at Ascot, Matt Kramer, added: “Coalition’s track-record over the past five years has proven that innovation and technology can effectively coexist to create unique and preferred outcomes. This powerful combination aids the underwriting process and has proven to be a differentiator in the market helping clients to manage and mitigate cyber risk.
“This partnership gives Ascot the opportunity to complement our already talented cyber underwriting team by offering additional capacity to support Coalition’s continued growth.”
Coalition’s other long-term capacity providers include leading global insurers Swiss Re Corporate Solutions, Lloyds of London, Arch Insurance North America, and Zurich North America.
