Aspen to Assume Share of Active Insurance Provider’s U.S. Cyber Insurance Programs
SAN FRANCISCO–(BUSINESS WIRE)–Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, today announced it has executed a new, multi-year capacity agreement with Aspen Specialty Insurance Company (Aspen) to deploy cyber insurance capacity in the U.S., beginning on or after April 1, 2024.
“Coalition continues to see robust interest in our innovative and profitable Active Insurance model. We continue consolidating capacity in the market because of our industry-leading underwriting results and capabilities,” commented Shawn Ram, Head of Insurance at Coalition. “We’re thrilled to have Aspen join our U.S. panel of capacity partners and continue providing outstanding cyber coverage to our policyholders.”
Aspen will assume a share of Coalition’s U.S. surplus lines cyber program this year. This new agreement follows Aspen’s existing support of Coalition in the U.K. and Canada.
“As the global cyber insurance market continues to grow, we remain committed to bringing clarity to this increasingly complex and critical risk. At Aspen, we view ourselves as more than a policy provider, working closely with our clients to add value to their businesses and mitigate the impact of claims,” said Bobby Bianconi, Global Head of Cyber at Aspen. “We’re delighted to be partnering with Coalition, whose data-driven approach to cyber risk has shown to be effective in assessing, detecting, and resolving claims. This agreement complements our evolving risk management program and services, and we’re excited to see how we can further enhance our insureds’ resilience to cyber risks by leveraging both our company’s combined technical expertise.”
The capacity deal between Coalition and Aspen was brokered by McGill & Partners.
To learn more about Coalition, visit: https://www.coalitioninc.com. To learn more about Aspen, visit: https://www.aspen.co.
About Coalition
Coalition is the world’s first Active Insurance provider designed to help prevent digital risk before it strikes. By combining comprehensive insurance coverage and cybersecurity tools, Coalition helps businesses manage and mitigate digital risks. Coalition offers its Active Insurance products in the U.S., the U.K., Canada, and Australia through relationships with leading global insurers and cyber capacity through its own carrier, Coalition Insurance Company. Coalition’s Active Risk Platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses worldwide remain resilient against cyber attacks. Headquartered in San Francisco, Coalition is a distributed company with a global workforce that collaborates digitally and in office hubs.
Insurance products are offered by Coalition Insurance Solutions Inc. (“CIS”), a licensed insurance producer and surplus lines broker with its principal place of business in San Francisco, CA (Cal. license #0L76155), acting on behalf of a number of unaffiliated insurance companies and available on an admitted basis through Coalition Insurance Company (“CIC”), a licensed insurance underwriter (NAIC # 29530). Insurance products offered through CIS and CIC may not be available in all states. Complete license and carrier information is available here. CIS may receive compensation from an insurer or other intermediary in connection with the sale of insurance. All decisions regarding any insurance products referenced herein, including approval for coverage, premium, commission, and fees, will be made solely by the insurer underwriting the insurance under the insurer’s then-current criteria. All insurance products are governed by the terms, conditions, limitations, and exclusions set forth in the applicable insurance policy. Please see a copy of your policy for the full terms, conditions, and exclusions. Copyright © 2024. All rights reserved. Coalition and the Coalition logo are trademarks of Coalition, Inc. or its affiliates.
About Aspen Insurance Holdings Limited
Aspen provides insurance and reinsurance coverage to clients in various domestic and global markets through wholly-owned operating subsidiaries in Bermuda, the United States and the United Kingdom, as well as its branch operations in Canada, Singapore and Switzerland. For the year ended December 31, 2022, Aspen reported $15.2 billion in total assets, $7.7 billion in gross reserves, $2.4 billion in total shareholders’ equity and $4.3 billion in gross written premiums. Aspen’s operating subsidiaries have been assigned a rating of “A-” by Standard & Poor’s Financial Services LLC and an “A” (“Excellent”) by A.M. Best Company Inc. For more information about Aspen, please visit www.aspen.co.
Contacts
Marisa Graves
Communications at Coalition
[email protected]
