Coalition’s broker-only cyber offering goes live

As previously reported by Insurance Age, Coalition has partnered with Allianz Global Corporate & Specialty and will distribute its products via brokers.

The firm is targeting the UK’s SME sector and has a risk appetite encompassing businesses with up to £1bn of turnover.

Launched in the US 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.

The UK is the second market for the business outside of the US having launched into Canada in 2020.

CEO Joshua Motta told Insurance Age in July that the company was targeting becoming “one of the standard set of markets that domestic brokers approach for coverage” within 12 months.

As part of the process it has opened its London office with a new team, including several London market veterans.

Stephen Wares, former-MS Amlin principal cyber underwriter, has joined Coalition as head of risk engineering, UK.

Tom Draper, former-Gallagher technology and cyber practice leader, has joined as head of insurance, UK and the business has committed to expanding the team over the autumn.

Value

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.”

He concluded: “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.”

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