Reinsurance News

Coalition enters excess cyber insurance market in UK

14th March 2023 - Author: Jack Willard

Cyber insurance provider Coalition is set to enter the excess cyber insurance market in the United Kingdom, to help protect businesses with enhanced coverage.

By doing this, the firm will be able to help more businesses obtain the coverage they need to protect themselves from digital risks.

The firm has confirmed that it will extend its reach to provide full-follow form coverage and protection of up to £10 million above a primary layer of insurance from another insurer for both cyber and technology professional indemnity (PI) lines.

The cyber insurer also confirmed that its excess policy will provide the added features for policyholders who have access to Coalition Control, the firm’s proprietary attack surface monitoring technology, that delivers personalised risk assessments, as well as advice from the company’s incident response cyber support team.

Coalition’s policies are supported by Allianz and Lloyd’s of London.

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“Our new excess product is designed to help U.K. brokers struggling to find enough cyber and tech PI protection for their clients. By bringing in Coalition to provide excess cover, brokers give their clients greater reassurance with our state-of-the-art prevention technology and early threat warnings from our 24/7 internet scanning operation,” said Tom Draper, Coalition’s U.K. Head of Insurance.

This move will further expand Coalition’s footprint within the United Kingdom, after launching in the country in September 2022

Further, Coalition already offers excess of loss cyber products in the US (beginning in July 2020) and Canada (beginning in July 2021). Earlier this year, the cyber insurer launched its own insurance company in the US called, Coalition Insurance Company.

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