Ascot backs Coalition cyber capacity
Ascot Group, the Bermudian-based re/insurer, is to back the US primary surplus lines cyber programme of San Francisco-headquartered Coalition, through Ascot Specialty Insurance Company.
Coalition said that this multiyear partnership provided it with long-term capacity for its cyber insurance programmes.
The company added that it continued to expand its capacity relationships and cyber insurance business in a market that is highly dynamic.
Coalition said its year-over-year revenue grew by more than 400 per cent in 2021 as the company scaled to serve 140,000-plus customers.
The company said its run rate gross written premium now exceeded $650 million, as the company achieves high growth at scale.
Coalition said it has experienced consistently profitable growth as a result of its “Active Insurance” approach that combines cybersecurity technology with traditional coverage and its track record of 70 per cent fewer claims than the rest of the insurance market.
Matt Kramer, CEO of US Insurance at Ascot, said: "Coalition's track record over the past five years has proven that innovation and technology can effectively coexist to create unique and preferred outcomes.
“This powerful combination aids the underwriting process and has proven to be a differentiator in the market helping clients to manage and mitigate cyber risk.
"This partnership gives Ascot the opportunity to complement our already talented cyber underwriting team by offering additional capacity to support Coalition's continued growth."
Shawn Ram, head of insurance at Coalition, said: "We are proud to share that our coalition of carriers is growing, and we welcome Ascot as a capacity provider and partner in solving cyber risk.
"Coalition is committed to setting a new standard for cyber insurance by spotting and mitigating risks before they strike and providing support both during and after an incident. This ‘Active Insurance’ model is helping small businesses thrive in our digital economy."
Coalition said its other long-term capacity providers include leading global insurers Swiss Re Corporate Solutions, Arch Insurance North America, Lloyd's of London and Zurich North America.
The company provides companies with up to $15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia, as well as $20 million (Canadian) of coverage across nine provinces and three territories in Canada.
Coalition's cyber-risk management platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks.
In addition to headquarters in San Francisco, Coalition has presences in New York, Los Angeles, Chicago, Dallas, Washington DC, Miami, Atlanta, Denver, Austin, Vancouver and Toronto.