SAN FRANCISCO, June 30, 2022 (GLOBE NEWSWIRE) — Coalition, the world’s first Active insurance company and a leading cyber insurance provider, today announced a new multi-year partnership with Allianz to support its WE and UK cyber programs.
This new agreement provides Coalition with long-term commitment capability for its cyber insurance programs through Coalition’s market-leading performance. Allianz will assume a share of all coalitions WE unadmitted cyber programs and coalition leaders UK cyber program when it launches later this year.
Coalition continues to expand its capacity relationships and cyber insurance business in a very dynamic market. In March 2022, Coalition’s GWP (gross written premium) reached close to $740 million as the company scaled to serve more than 160,000 customers while far exceeding cyber insurance performance benchmarks.
“Cyber is one of the top risks for businesses globally and while the risk landscape is not improving, we are expanding our offering for customers,” said Scott Sayce, Global Head of Cyber at Allianz. “We constantly urge our customers to strengthen their cyber defenses and, through its innovative approach to cyber risk, Coalition has proven that data and technology can be very effective in preventing and resolving cyber claims.
“We are delighted to announce that Allianz, one of the largest insurance companies in the world, is partnering with Coalition for protect the unprotected,” said Shawn Ram, Head of Insurance for Coalition. “Far too many organizations are simply not prepared to manage and mitigate cyber risk. of the coalition Active insurance demonstrably offers better protection against cyber threats and with the support of Allianz we will be able to provide Active cyber insurance to more organizations around the world.
To learn more about Coalition, visit coalitioninc.com. To learn more about Cyber Insurance Coalition in the UK, visit coalitioninc.co.uk. To learn more about Allianz, visit allianz.com.
About the Coalition
Coalition is the leading cyber insurance and security provider, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by leading global insurers Allianz, Swiss Re Business Solutions, Arch Insurance North AmericaLloyd’s of Londonand Ascot GroupCoalition offers its insurance products in the United States and Canada and its security products to organizations around the world. Coalition’s Active Risk Platform provides automated security alerts, threat intelligence, expert advice, and cybersecurity tools to help businesses stay resilient in the face of cyberattacks. Based at San FranciscoCoalition is a distributed company with a global workforce that collaborates both digitally and in office centers around the world.
About Allianz Global Corporate & Specialty
The Allianz group is one of the world leaders in insurance and asset management with more than 126 million* individual and corporate customers in more than 70 countries. Allianz customers benefit from a wide range of personal and commercial insurance services, ranging from property, life and health insurance to assistance services, credit insurance and global business insurance. . Allianz is one of the world’s largest investors, managing approximately 809 billion euros on behalf of its insurance clients. In addition, our asset managers PIMCO and Allianz Global Investors manage 2 trillion euros third-party assets. Through our systematic integration of environmental and social criteria into our business processes and investment decisions, we are among the insurance industry leaders in the Dow Jones Sustainability Index. In 2021, more than 155,000 employees achieved a total turnover of €148.5 billion and an operating profit of €13.4 billion for the group.
Media ContactShevaun BetzlerHighwire PR for the coalition