Reinsurance News

Coalition gains Lloyd’s coverholder status in UK

26th January 2023 - Author: Matt Sheehan

Cyber insurance provider Coalition has announced that its UK business is now trading as an approved Lloyd’s coverholder, following its launch into the country in September of last year.

Coalition says that the authority from Lloyd’s to write and service policies in its marketplace will align its UK offering with the existing US business, which already provides cyber coverage, technology, and expertise through Lloyd’s.

“Coalition is now even better placed to deliver its Active Cyber Insurance to licensed territories around the world,” the company stated. “In addition, our approach aligns well with Lloyd’s push towards digitisation and modernisation.”

As a provider of cyber insurance, Coalition has already written policies with premiums from £111 to £200,000+ for accounts ranging from software companies to solicitors, as well as religious and educational clients.

Its Active Cyber Insurance approach aims to reduce the frequency and impact of cyber claims, in collaboration with capacity providers such as Allianz and Lloyd’s.

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“With our technology-driven proposition and focus on businesses under £1bn in revenue, Coalition plays a vital role in the cyber insurance market,” Coalition continued. “With this additional support, we’re moving even faster towards our goal of protecting the unprotected from cyber criminals.”

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