Coalition becomes approved Lloyd’s coverholder in the UK
Cyber risks continue to grow at pace globally. As more British small and mid-market businesses understand their vulnerability to these threats, Coalition's Active Cyber Insurance is becoming an invaluable source of prevention and resolution. To increase our commitment to the UK market, we're pleased to announce that as of 1 January 2023, our UK business is trading as an approved Lloyd's coverholder.
Earning the authority from Lloyd's to write and service policies in its marketplace aligns our UK offering with our US business, which already provides cyber coverage, technology, and expertise through Lloyd's. Coalition is now even better placed to deliver its Active Cyber Insurance to licensed territories around the world. In addition, our approach aligns well with Lloyd's push towards digitisation and modernisation.
Expanding our capacity is critical to our ability to help even more UK organisations. Coalition has already written policies with premiums ranging from £111 to £200,000+ for accounts as diverse as software companies, solicitors, churches, universities, dentists, distilleries, and so many more.
Even as the number of cyber attacks continues to grow, coverage availability in the market has challenged clients and their brokers. In a recent survey, "83% of surveyed representatives said that their own company is not adequately protected against digital threats." Coalition is excited to meet that demand with increased supply.
Our Active Cyber Insurance approach has proven to reduce the frequency and impact of cyber claims — in 2022, our policyholders saw 50% fewer claims compared to the broader market, with 45% of incidents resolved at no cost - and it's this focus on proactive risk management that is resonating with capacity providers such as Allianz, with whom we continue our strong partnership, and Lloyd's.
With our technology-driven proposition and focus on businesses under £1bn in revenue, Coalition plays a vital role in the cyber insurance market. With this additional support, we're moving even faster towards our goal of protecting the unprotected from cyber criminals.
Brokers, please reach out to learn more about how to protect your clients with Coalition's Active Cyber Insurance.
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