Following its launch in the UK cyber insurance market earlier this month, cyber insurance provider Coalition has shared details about onboarding some of its first UK policyholders with positive feedback from British brokers.
Coalition commenced trading in the UK following a multi-year capacity deal with Allianz Global Corporate & Specialty. The San Francisco-headquartered company opened its London office with a new team, including London market veterans Stephen Wares, a former MS Amlin principal cyber underwriter, and Tom Draper, a former Gallagher technology and cyber practice leader.
On Coalition’s first day of trading, the company bound a UK logistics company and long-time client of Berkshire-based Chiltern Insurance Brokers. The client was struggling to secure cover from the market due to its size, business activities, and request for a £5 million primary limit.
In a press release, it notes that Coalition’s security team reviewed its software-generated risk assessment of the client’s website and other internet-facing systems, which allowed for the company to help the client remediate vulnerabilities and secure risk coverage quickly.
Following the call with Coalition’s security team, Stephen Wallace-Madeley, CEO of Chiltern Insurance Brokers, said that it was the most sensible conversation he’s had on cyber in the last two years.
Additionally, Coalition has also bound risks for other SMEs, including an auto repair and recovery service from the West Midlands and a notary from Bedfordshire.
Tom Draper, Head of Insurance UK for Coalition, commented: “These are great examples of how Coalition helps clients prevent digital risk while supporting brokers in growing their business and client relationships. These binds show the flexibility of our approach, which is a welcome addition to the UK market.”