Cyber insurance industry leader expands access to help brokers protect middle market companies
SAN FRANCISCO, CA – (July 22, 2020) — Coalition, the leading cyber insurance and security company, today announced it will enter the excess cyber insurance market to help protect middle market 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 will extend its reach beyond offering primary insurance coverage to provide brokers with excess cyber liability and technology errors & omissions insurance for middle market accounts in the United States with up to $10 million in aggregate limits. This new surplus lines capacity is backed by the financial security of Lloyd’s (A rating from AM Best).
“Cyber risk for middle market businesses is growing significantly as they heavily rely on technology for all aspects of their operations. Unfortunately, they remain severely underinsured and under-prepared to manage these risks and are left vulnerable without the tools to protect themselves. By including Coalition on a tower as an excess insurer, brokers now have more options to protect their clients with cybersecurity once accessible only to national governments and large enterprises,” said Shawn Ram, Head of Insurance at Coalition. “Adding excess insurance to our offering moves us one step closer in our mission to solve cyber risk and we will continue to pursue opportunities to provide free cybersecurity tools to under-protected businesses throughout the world.”
Through its proprietary BinaryEdge platform, Coalition brings advanced cybersecurity technology, previously only accessible to large global corporations and the security community, to small and mid-sized businesses. Coalition’s platform scans the global Internet, maps the Internet attack surface of any organization, and provides real-time threat intelligence to help reduce cyber risk. This monitoring tracks the insured’s own web properties, but also the exposures of its vendors that are often the source of attack.
With a customer base currently spanning more than 25,000 small-medium sized businesses — a 600% increase from the prior year — Coalition is one of the largest providers of cyber insurance and security in the United States, and has recently expanded to Canada. Coalition announced in May that it raised $90 million in equity capital to fuel its rapid growth and expansion.
Weryk was most recently Vice President and Head of Cyber Risk for Western and Southern U.S. at XL Catlin. He has also held cyber and technology underwriting positions at XL Catlin and CNA. Weryk has been directly involved in the underwriting of all business classes and sizes of risk, from small businesses to Fortune 100 companies.
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, 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 all 10 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 has presences in New York, Los Angeles, Chicago, Dallas, Washington DC, Miami, Atlanta, Denver, Austin, Vancouver, and Toronto.