Ascot backs Coalition with long-term capacity across cyber insurance programs
New carrier partner now provides capacity on Coalition's primary cyber program, accelerating Coalition's growth
SAN FRANCISCO, April 6, 2022 /PRNewswire/ -- Coalition, the world's first Active Insurance Company, today announced the addition of Ascot Group to back Coalition's US primary surplus lines cyber program through Ascot Specialty Insurance Company. This multi-year partnership provides Coalition with long-term capacity for its cyber programs.
Coalition continues to expand its capacity relationships and cyber insurance business in a market that is highly dynamic. Coalition year-over-year revenue grew by more than 400% in 2021 as the company scaled to serve 140,000+ customers. Coalition's run rate GWP (gross written premium) now exceeds $650 million, as the company achieves high growth at scale. The company has experienced consistently profitable growth as a result of its Active Insurance approach that combines cybersecurity technology with traditional coverage and its track record of 70% fewer claims than the rest of the insurance market.
"Coalition's track-record over the past five years has proven that innovation and technology can effectively coexist to create unique and preferred outcomes. This powerful combination aids the underwriting process and has proven to be a differentiator in the market helping clients to manage and mitigate cyber risk," said Matt Kramer, CEO of US Insurance at Ascot. "This partnership gives Ascot the opportunity to complement our already talented cyber underwriting team by offering additional capacity to support Coalition's continued growth."
"We are proud to share that our coalition of carriers is growing, and we welcome Ascot as a capacity provider and partner in solving cyber risk," said Shawn Ram, Head of Insurance at Coalition. "Coalition is committed to setting a new standard for cyber insurance by spotting and mitigating risks before they strike and providing support both during and after an incident. This Active Insurance model is helping small businesses thrive in our digital economy."
Coalition's other long-term capacity providers include leading global insurers Swiss Re Corporate Solutions, Arch Insurance North America, Lloyd's of London, and Zurich North America.
To learn more about Coalition, visit coalitioninc.com. To learn more about Ascot, visit ascotgroup.com.
About Coalition
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 Insurance North America, Lloyd's of London, and Ascot 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 has presences in New York, Los Angeles, Chicago, Dallas, Washington DC, Miami, Atlanta, Denver, Austin, and now Vancouver and Toronto.
About Ascot Group
Ascot Group is a global specialty insurance and reinsurance group with a record of underwriting excellence and superior claims service. Founded in 2001, Ascot provides a broad range of property and casualty products to customers worldwide through its Lloyd's and Bermuda market platforms. In the United States, Ascot provides specialized insurance products to small and mid-sized businesses as well as offering underwriting services to high-quality carrier and syndicate partners through its MGU, Ethos Specialty.
SOURCE Coalition
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