Cyber insurance industry leader expands product offering to better serve Canadian companies
SAN FRANCISCO — July 14, 2021 — Coalition, the leading cyber insurance and security company, today announced it will enter the excess cyber insurance market in Canada to help protect businesses with enhanced coverage and free access to Coalition’s state-of-the-art cybersecurity capabilities, including attack surface monitoring, an in-house response team of security experts, and a suite of services and tools. Coalition began offering excess cyber insurance in the United States in July 2020.
Coalition will extend its reach beyond primary insurance coverage in Canada to provide brokers with excess cyber liability and technology errors & omissions insurance for accounts with up to CAD $5 million in aggregate limits for companies with up to CAD $1 billion in revenue. This new excess capacity is backed by the financial security of Arch Insurance Canada Ltd. (A.M. Best A+ Superior).
Coalition launched in Canada in May of 2020 and has since become one of the country’s largest writers of cyber insurance, offering up to CAD $20 million of comprehensive insurance coverage supported by the financial strength of Swiss Re Corporate Solutions and Arch Capital Group Ltd. (A.M. Best A+ Superior) to companies with up to CAD $1 billion in annual revenue.
With a customer base currently spanning more than 50,000 small-medium sized businesses, Coalition is one of the largest providers of cyber insurance and security in the United States and Canada. Coalition announced in March that it raised $175 million to fuel its rapid growth and expansion.
“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 Shawn Ram, Head of Insurance at Coalition. “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. As the broader cyber marketplace continues to harden and retreat, Coalition is looking for new ways to expand its reach, maintaining stable and planned growth in the US and Canada.”
Coalition’s approach to cyber insurance is rooted in risk management and mitigation, bringing together cyber security expertise with the safety of insurance to provide the first truly holistic approach to solve cyber risk.
To learn more about Coalition, visit https://www.coalitioninc.ca/.
Coalition is the leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by leading global insurers Swiss Re Corporate Solutions, Arch Capital Group Ltd., Lloyd's of London, and Argo Group, Coalition provides companies with up to USD $15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia, as well as CAD $20M of coverage across 9 provinces and 3 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. Headquartered in San Francisco, Coalition's team is global with employees based across the United States, Canada, the United Kingdom, Switzerland, and Portugal.