Active insurance pioneer Coalition has announced that its full-stack carrier, Coalition Insurance Company (CIC), is now quoting for its admitted cyber product across the entire US.
Shawn Ram, Coalition’s head of insurance, said the move is part of the company’s continued push to “drive the industry forward” with coverage developed from specialized knowledge in cyber risk management, cyber threat trends, and cyber claims data.
“We are thrilled to now offer capacity through CIC across the entire US, transforming our ability to offer policyholders world-class, comprehensive cyber insurance products,” he said.
Coalition markets itself as the world’s first active insurance provider, with products that combine insurance coverage and cybersecurity tools.
Through CIC, Coalition offers primary admitted cyber coverage for small and midsize businesses, including an expanded base form and affirmative coverage for crucial exposures.
CIC uses a competitive rating model that allows Coalition-appointed brokers to secure admitted cyber coverage for clients across the US. Its policyholders also gain access to Coalition Control, a flagship risk management platform designed to boost defense against digital risks.
As Coalition’s own carrier, CIC became the first monoline cyber insurer to secure an A- (Excellent) financial strength rating from AM Best in January 2023. This rating was reaffirmed in late March, with AM Best citing CIC’s balance sheet strength.
In other company news, Coalition recently added affirmative artificial intelligence (AI) endorsement to its US surplus and Canada cyber insurance policies.
Ram said this addition offers “important clarity” on how incidents involving AI are covered.
“Coalition is at the forefront of evolving cyber insurance coverage to address this ever-changing risk ecosystem,” he said in a previous statement. “While FTF and data breach coverages have always been cornerstones of our policies, this new endorsement gives brokers confidence that they’re offering their clients the most comprehensive cyber coverage – and provides policyholders with peace of mind.”
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