Global reinsurer Swiss Re’s commercial insurance arm, Swiss Re Corporate Solutions, has entered into a new multi-year agreement with cyber insurance and security firm, Coalition, to provide broad cyber insurance and technology errors & omissions insurance to SMEs throughout the U.S. and Canada.
Coalition launched back in 2017 with backing from Swiss Re CorSo and Argo, with the firm later raising $10 million in Series A funding.
In 2020, the company expanded and entered into the excess cyber insurance market, before securing long-term capacity for its products from Arch Insurance North America just last month.
The new agreement with Swiss Re CorSo reinforces the ongoing collaboration and Coalition’s position as one of the leading providers of cyber insurance and security for SMEs.
Additionally, this latest agreement between the pair advances Swiss Re CorSo’s support of Coalition’s innovative approach to underwriting, continuous risk mitigation, and claims management as it expands into new markets and products.
Over the past two years, Coalition has grown to more than $240 million of run-rate gross written premium and serves over 41,000 customers. The company states that its consistently profitable growth is due to its data-driven approach to underwriting, continuous monitoring of insureds’ risks, and efficient claims management combined with an in-house incident response capability.
Sandy Codding, Swiss Re CorSo Senior Vice President (SVP), commented: “Coalition offers a novel approach to managing, mitigating, and transferring cyber risk, and it’s working as evidenced by their tremendous growth over the past three years. We are committed to supporting Coalition’s mission to solve cyber risk, and with this new agreement we’ve solidified our alliance for the long-term.”
Shawn Ram, Head of Insurance at Coalition, added: “We’re pleased to deepen our collaboration with Swiss Re Corporate Solutions, and share their commitment to building creative solutions that make businesses more resilient.
“Cyber attacks and technology failures can be devastating to organizations large and small, and we’ve never been in a better position to provide our broker partners and policyholders with the stability and security necessary to protect themselves from cyber risk.”
