Insurance brokers across the UK now have access to offer clients free cybersecurity tools and cyber insurance capacity to manage risks
Coalition, the world’s first Active Insurance provider and a leading cyber insurer, commenced trading in the UK effective 1 September. Backed by a multi-year capacity agreement with Allianz Global Corporate & Specialty, Coalition will distribute its products via brokers across the UK. Targeting the UK’s SME sector, Coalition’s risk appetite encompasses firms up to £1bn turnover.
Coalition pioneered Active Insurance, a new approach to help small and midsize organisations manage cyber risk by combining cybersecurity tools, monitoring, access to around-the-clock digital forensics, incident response, and broad insurance coverage. Coalition’s model offers better protection for small and midsize organisations, and as a result, Coalition’s US cyber insurance policyholders experience 70% fewer cyber claims than the broader US market.
The San Francisco-headquartered company has opened its London office with a new team, including several London market veterans. Stephen Wares, former MS Amlin principal cyber underwriter, joined Coalition as Head of Risk Engineering, UK. Tom Draper, former Gallagher technology and cyber practice leader, joined as Head of Insurance, UK. The business will expand the team 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.”
Coalition launched in 2017 and is now a leading cyber insurance provider in North America. 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. In the UK, it will initially distribute cyber insurance along with free active monitoring and cyber response services.
Brokers wanting more information about Coalition in the UK can visit coalitioninc.com/uk-cyber.