Coalition, a pioneering Active Insurance provider focused on preemptively mitigating digital risks, has unveiled a strategic long-term partnership with HDI Global Specialty SE.
As the specialty insurance arm of HDI Global SE, a renowned insurer, HDI Global Specialty SE is set to make significant inroads into the Canadian cyber insurance market through this collaboration.
Starting from January 1, 2024, HDI Global Specialty will integrate into Coalition’s Cyber and Technology Errors & Omissions (E&O) panel in Canada, providing crucial insurance capacity.
The insurer will participate in a quota share arrangement across all cyber insurance products offered by Coalition in Canada.
Shawn Ram, Head of Insurance at Coalition, emphasised the significance of this partnership, stating, “HDI Global has headquarters in Germany and foreign branches, subsidiaries, and affiliates in more than 175 countries, making them an excellent global partner as Coalition continues to expand our offerings worldwide. HDI is a well-established global player, and we are thrilled to have them as a partner as we continue to scale our mission to democratise cyber coverage and protect the unprotected.”
This partnership solidifies HDI Global Specialty’s entrance into the Canadian cyber insurance landscape, as Derek Spafford, Managing Director & Chief Agent of HDI Global Specialty SE Canada, pointed out: “Cyber risk is pervasive in modern society. With our cyber team, we seek out partners who we really feel are driving the industry forward and support organisations in their cyber improvement journey. We are excited to join forces with such an established partner that has, in only a few years, already become a leader in the Canadian cyber insurance market.”
Meike Röllecke, Head of Cyber & Financial Lines Underwriting at HDI Global, expressed enthusiasm about this new global collaboration, stating, “We are therefore thrilled to take this first step in our global partnership with Coalition.”
HDI Global Specialty SE joins a distinguished list of global (re)insurers, including Allianz, Arch, Ascot, Fortegra, and Vantage, in partnering with Coalition.
Furthermore, Coalition has introduced a dedicated $300 million reinsurer, Ferian Re, in partnership with BDT Capital Partners, to further bolster its risk management capabilities.
