Cyber insurance and security company Coalition has revealed that it will enter the excess cyber insurance market in Canada.
The company will extend its offering beyond primary insurance coverage, providing brokers with excess cyber liability and technology errors & omissions insurance for accounts with up to $5 million in aggregate limits, for companies with up to $1 billion in revenue.
A release said that Coalition’s new excess capacity is backed by the financial security of Arch Insurance Canada, which has an A.M. Best rating of “A+” (Superior).
“Since launching in 2020, we’ve grown one of the largest dedicated cyber teams in the market and have built an on-the-ground incident response function to protect Canadian companies,” said Coalition head of insurance Shawn Ram. “Adding excess insurance to our offering in Canada provides brokers with more options to protect their clients and access Coalition’s cybersecurity tools and services.”
Ram added that as the broader cyber marketplace continues to harden, Coalition is “looking for new ways to expand its reach,” by maintaining its growth in both the US and Canada markets.
Coalition first launched in Canada in May 2020 serving companies with up to $1 billion in annual revenue. The insurer offers up to $20 million of comprehensive insurance coverage, supported by the financial strength of both Swiss Re Corporate Solutions and Arch Capital Group.