Coalition has added Vantage to its US excess cyber program.
The move is to be undertaken through the Vantage Risk Specialty Insurance Company.
Shawn Ram, head of insurance at Coalition, said: “”We are excited to welcome Vantage to our Coalition as we work to solve cyber risk and provide security for all. Coalition’s active approach to insurance helps to spot and mitigate risks before they strike, allowing us to continue our growth with new capacity providers while the majority of the cyber market is receding.”
According to Coalition, its run rate GWP (gross written premium) has grown to exceed $650m. In addition, its year-over-year revenue grew by more than 400% in 2021 as the company scaled to serve 140,000+ customers.
Alex Blanco, CEO of insurance at Vantage, said: “Vantage’s approach to ‘Seeing Risk Differently’ is further complemented by partnering with Coalition. We are excited to be working with Coalition, whose data-driven underwriting and unique approach to active protection of their policyholders will enhance Vantage’s evolving Cyber capabilities and offerings.”
Vantage is not the only firm to come onboard with Coalition in recent weeks. In April, Ascot said it was looking to back the company’s US cyber program. At the time, it said that the multi-year partnership will help to provide Coalition with long-term capacity for its cyber programs, further accelerating the company’s growth. Coalition also acquired Attune in October.
Coalition was valued back in September as being worth over $3.5bn, following a $205m round of funding led by Durable Capital, T. Rowe Price Associates, and Whale Rock Capital. A previous round of funding in March netted the company $175m.
Coalition’s Active Cyber and Active Executive Risk products combine insurance coverage with technology to help organizations assess, protect, and respond to digital risk.
