Coalition Launches Market Leading Admitted Cyber Insurance Offering in Florida
One of the only cyber insurance products approved in Florida, now available to protect organizations across the state
SAN FRANCISCO, Aug. 17, 2020 /PRNewswire/ -- Coalition, the leading cyber insurance and security company, announced today that its comprehensive cyber insurance offering is now available on an admitted basis in Florida following approval from the Florida Office of Insurance Regulation. Organizations across Florida, and insurance brokers nationwide, can now easily access Coalition's best-in-class cyber insurance coverage and security services.
Coalition is one of the only providers with a cyber insurance offering approved by the state of Florida. Coalition's cyber rating model met the state's notable requirements for statistical quality, and were determined to both accurately, and fairly, price cyber risk.
"The Florida Department of Insurance has among the highest actuarial standards, and we are proud to introduce an innovative cyber insurance offering that meets these standards and that will, ultimately, help protect businesses, non-profits, and other organizations throughout the state of Florida," said Michael Carr, Head of Risk Engineering at Coalition.
Coalition's unique product offerings combine insurance with proactive cybersecurity to help keep businesses safe. Coalition provides no-cost cybersecurity tools to prevent losses, security and incident response services to contain them, and comprehensive cyber insurance to help organizations recover from failures and breaches.
Coalition's cyber insurance offering is now admitted in 48 states and the District of Columbia, available in all states in the surplus lines market, and now also available in Canada. With a customer base currently spanning more than 25,000 businesses — a 600% increase from the prior year — Coalition is one of the largest providers of cyber insurance and security in the United States. Coalition announced in May that it raised $90 million in equity capital to fuel its rapid growth and expansion.
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, 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.
SOURCE Coalition
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