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Coalition launches in UK cyber insurance market – Reinsurance News

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Reinsurance News
5th September 2022 – Author: Kassandra Jimenez-Sanchez
Insurance brokers across the UK now have access to the cybersecurity tools provided by American insurer Coalition, as it has commenced trading in the country this month.
Coalition entered a multi-year capacity agreement with Allianz Global Corporate & Specialty and will distribute its products via brokers.
According to the announcement, it will initially distribute cyber insurance along with free active monitoring and cyber response services.
The firm is targeting the UK’s SME sector and has a risk appetite encompassing businesses with up to £1bn of turnover.
Coalition’s new London office has opened with a brand new team, with Stephen Wares, former-MS Amlin principal cyber underwriter, joining as Head of Risk Engineering.
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Additionally, joining the UK team are Tom Draper, former-Gallagher technology and cyber practice leader, as Head of Insurance. The firm noted that the team will expand further over the autumn.
Tom Draper said: “We aim to democratise cyber services and protection for UK businesses and help brokers show their clients the real value of Active Insurance. With our tech-enabled approach to underwriting, we offer brokers the ability to quote and bind in seconds.
“We assess each risk on its merits and profile during that time, not just industry standards. This speed of service, combined with sophisticated cyber protection and comprehensive insurance protection, is a powerful offer to the UK market.”
Launched in 2017, Coalition’s Active Insurance combines industry-leading cybersecurity tools, access to around-the-clock digital forensics and incident response, and comprehensive insurance coverage to help organisations identify, mitigate, and insure digital risk.
According to the announcement, the UK is Coalition’s second market outside the US, having launched in Canada in 2020. In North America, Coalition serves over 160,000 customers with Active Cyber Insurance, Active Executive Risks Insurance, P&C Insurance, and cybersecurity capabilities.
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