Cyber insurance provider Coalition has announced the launch of Coalition Insurance Company (CIC), a full-stack, Active Cyber Insurance carrier.
The launch of CIC is a milestone for the firm, expanding its available capacity in the cyber insurance market and facilitating its transition to a full-stack insurance organisation.
Coalition notes that CIC, which recently received an A- rating from AM Best, will begin quoting its admitted cyber product in various US states starting in March, with a national roll-out expected throughout the year.
The firm added that CIC will unlock new growth opportunities for insurance brokers, enabling them to secure cyber protection for a broader range of clients and provide coverage to meet specific client needs.
Further, all CIC insurance policies will include robust cyber protection for small and midsize businesses, which the firm suggests often lack the tools and resources to mitigate cyber risks.
Joshua Motta, cofounder and CEO of Coalition, commented, “The launch of Coalition Insurance Company marks a critical step in our company’s mission to protect the unprotected.
“Cyber risk exists for any business—regardless of size or industry. With our own carrier, we can innovate faster to protect the broadest set of businesses from emerging cyber threats and make cyber insurance more accessible to small businesses who need it most.”
In other Coalition news, the firm recently 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.