Allianz partners with Coalition on UK cyber insurance
US based cyber insurance provider Coalition is entering the UK market after partnering with Allianz.
The UK offering will launch later this year.
Allianz will be the exclusive backer of Coalition’s UK cyber programme and as part of the package assume a share of all Coalition’s US non-admitted cyber book in a multi-year partnership.
Launched in 2018 Coalition’s run rate gross written premium reached nearly $740m (£611.7m) this March with the company serving more than 160,000 customers.
Protection
Scott Sayce, global head of cyber at Allianz said: “Cyber is one of the top risks for businesses globally and while the risk landscape is not getting any easier, we are expanding our offering for customers.
“We constantly urge our customers to strengthen their cyber defenses and, with its innovative approach to cyber risk, Coalition has proven that data and technology can be very effective to prevent and resolve cyber claims.”
Shawn Ram, head of insurance for Coalition added: “Far too many organisations simply aren’t prepared to manage and mitigate cyber risk.
“Coalition’s Active Insurance offers demonstrably better protection from cyber threats and with Allianz’s support we will be able to provide Active Cyber Insurance to more organisations worldwide.”
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