Cyber insurance and security provider, Coalition has completed the acquisition of Digital Affect Insurance Company – a P&C insurer licensed in all 50 US states – from Munich Re Digital Partners US Holding Corporation.
According to the announcement, this acquisition will allow Coalition to offer insurance policies through its own admitted insurance carrier.
Through partnerships with Allianz, Arch Insurance North America, Ascot Group, Lloyd’s of London, Swiss Re Corporate Solutions, Vantage, and Zurich, among others, Coalition offers cyber, technology errors & omissions, directors and & officers, and other executive risks policies.
Coalition’s Active Insurance combines industry-leading cybersecurity tools, access to around-the-clock digital forensics and incident response, and comprehensive insurance coverage to help organisations identify, mitigate, and insure digital risk.
The company serves over 160,000 customers with Active Cyber Insurance, Active Executive Risks Insurance, P&C insurance, and cybersecurity capabilities.
Shawn Ram, Head of Insurance for Coalition, commented: “This strategic move empowers Coalition to expand the reach of our market leading active cyber insurance offering together with other admitted insurance products.
“The acquisition is a natural next step in our evolution and will allow us to better serve our broker partners and customers, while continuing to push the boundaries of innovation in cyber insurance, executive risks insurance, and beyond.”
Most recently Coalition announced a $250M investment in July 2022, boosting the valuation of the company to $5B, and appointed its first ever chief financial officer and general counsel earlier this month ahead of a planned expansion into the UK.