Coalition, a cyber insurance provider, has acquired US property and casualty insurer Digital Affect Insurance Company from Munich Re Digital Partners US Holding Corporation.
Through partnerships with global insurers such as Allianz, Arch Insurance North America, Ascot Group, Lloyd’s of London, Swiss Re Corporate Solutions, Vantage, and Zurich, Coalition offers cyber insurance product in the US and Canada.
The acquisition, Coalition said, will allow it to offer insurance policies through its own admitted insurance carrier.
Coalition’s Active Insurance combines cybersecurity tools, access to around-the-clock digital forensics and incident response, and comprehensive insurance coverage to help organisations identify, mitigate, and insure digital risk.
Moreover, Coalition said its technology advantage has allowed it to build a “sustainable, high-performing book of business” in a highly-dynamic cyber market, while also helping its customers spot and manage digital risk before it strikes.
The cyber insurer now serves over 160,000 customers with Active Cyber Insurance, Active Executive Risks Insurance, P&C insurance, and cybersecurity capabilities.
Shawn Ram, head of insurance for Coalition, said, “This strategic move empowers Coalition to expand the reach of our market leading active cyber insurance offering together with other admitted insurance products.
“The acquisition is a natural next step in our evolution and will allow us to better serve our broker partners and customers, while continuing to push the boundaries of innovation in cyber insurance, executive risks insurance, and beyond.”
Earlier this year, Coalition raised $250m in Series F funding, which saw the company reach a $5bn valuation. The round saw participation from Allianz X, Valor Equity Partners, Kinetic Partners and other existing investors.
At the time, the company has reported that was experiencing a “wave of growth”, exceeding $775m in run rate GWP (gross written premium) and a nearly 200% increase in revenue growth over the prior year.
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