Aspen, a global specialty insurer and reinsurer, has announced an expansion of its partnership with Coalition, a leading Active Insurance provider, through the launch of Coalition Re.
This new initiative aims to provide capacity for cyber reinsurance treaties and offer innovative products designed to protect businesses from digital risks.
The primary objective of this partnership is to address the growing demand for cyber insurance and reinsurance products, with a particular focus on improving the accuracy of pricing for cyber reinsurance contracts.
Coalition Re will provide capacity for non-proportional cyber reinsurance treaties as well as a white-labelled cyber insurance product. The goal is to better align the interests of cedants and reinsurers by offering deeper insights into cyber risks, thus fostering a more stable cyber reinsurance market.
Aspen, well-known for offering specialty insurance and reinsurance solutions, will lead a robust panel of capacity providers supporting Coalition Re’s products.
These products will be available globally and offer up to 100% quota share support for cedants looking to add cyber insurance as an endorsement to their existing offerings.
By leveraging Coalition’s industry-leading technology, Coalition Re seeks to enhance the understanding of cyber risk accumulation, enabling more accurate pricing of reinsurance contracts.
Coalition, recognised as the world’s first Active Insurance provider, is dedicated to preventing digital risks before they materialise.
The company’s platform equips its policyholders with a range of risk mitigation tools and services, assisting clients before, during, and after cyber incidents.
Coalition Re builds on this foundation by enabling primary cedants to gain greater visibility into the cyber risks within their portfolios, which enhances their ability to manage and mitigate such risks effectively.
In addition to providing non-proportional cyber reinsurance capacity, Coalition Re’s white-labelled solution includes a suite of risk mitigation tools currently only available to Coalition’s standalone Active Cyber Insurance policyholders.
This holistic approach ensures that cedants have access to a comprehensive product that goes beyond traditional cyber insurance by integrating proactive risk management services.
Bobby Bianconi, Global Head of Cyber at Aspen said, “We are thrilled to partner with Coalition on this innovative reinsurance offering to bring clarity to the increasingly complex and critical risk of cyber. We see a significant opportunity for this new capacity and the unique cyber risk insights that will complement the offer, with Coalition well positioned to deliver these value-add services to cedants. We look forward to the continued work we will do with Coalition to bring market-leading cyber coverage to clients.”
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