Articles from Coalition

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today announced a new $30 million equity investment from Mitsui Sumitomo Insurance Co., Ltd. (MSI), a member of MS&AD Insurance Group (MS&AD), the largest non-life insurer in Japan and across the Asian-Pacific region. The investment anchors a strategic partnership aimed at bringing Active Insurance to more businesses worldwide and allows MSI to participate in more markets and as a shareholder.

The Hartford and Coalition have announced a strategic, long-term capacity partnership in response to growing customer and broker demand for Coalition’s unique Active Cyber Insurance approach in the U.K. market.

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today published its 2024 Cyber Claims Report: Mid-year Update, which details emerging cyber trends and their impact on Coalition policyholders throughout the first half of 2024. The report found that ransomware claims severity spiked by 68% to an average loss of $353,000.

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today announced the creation of its reinsurance intermediary, Coalition Re, to provide capacity for cyber reinsurance treaties and expand on its mission to protect more unprotected businesses.

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today announced the launch of its innovative Active Cyber Insurance in Germany through its subsidiary, Coalition Insurance Solutions GmbH. Coalition’s offerings became available on August 1, 2024.

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today published its 2024 Cyber Claims Report, which details emerging cyber trends and their impact on Coalition policyholders throughout 2023. The report found that more than half (56%) of all 2023 claims were a result of funds transfer fraud (FTF) or business email compromise (BEC), highlighting the importance of email security as a critical aspect of cyber risk management.

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today announced new integrations between Coalition Control, its cyber risk management platform, and cloud services providers, including Microsoft 365®, Google Workspace®, and Amazon Web Services®. Coalition policyholders and Control customers can now connect Coalition Control with cloud services to help them actively manage and improve their cybersecurity postures.

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today announced that Coalition Insurance Company (CIC), the full-stack Active Cyber Insurance carrier, is now open for quoting Coalition’s admitted cyber product across the entire United States and the District of Columbia.

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today announced it has added a new Affirmative Artificial Intelligence (AI) Endorsement to clarify what is covered by its U.S. Surplus and Canada Cyber Insurance policies.

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, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today published its Cyber Threat Index 2024, detailing insights on cybersecurity trends from 2023 and emerging threats businesses should be aware of in 2024. According to the report, Coalition expects the total number of common vulnerabilities and exposures (CVEs) to increase by 25% in 2024 to 34,888 vulnerabilities, or roughly 2,900 per month.

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today announced it now offers Miscellaneous Professional Liability (MPL) Insurance. This coverage helps protect against the impact of a claim that a business committed errors and omissions in performing a professional service.

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today announced the appointment of Mr. Oliver Bäte, Chief Executive Officer of Allianz SE, to the company’s Board of Directors.

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today announced a strategic partnership with MS&AD Insurance Group, the largest non-life insurer in Japan and across the ASEAN region, to provide cybersecurity monitoring solutions to small and medium-sized businesses (SMBs).

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today announced its Executive Risks Insurance products are now available on surplus lines paper, making comprehensive management liability coverage available to a wider range of businesses. Coalition offers Executive Risks Insurance, including Directors & Officers Liability (D&O), Employment Practices Liability (EPL), Fiduciary Liability, and Crime Insurance. The new surplus product is underwritten by certain underwriters at Lloyd’s (A rating by AM Best).

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today announced a new long-term partnership with HDI Global Specialty SE, the specialty insurance carrier of HDI Global SE, an A.M. Best A+ rated insurer with over 120 years of experience in offering international insurance. Beginning in 2024, HDI Global Specialty will join Coalition's Cyber and Technology E&O panel in Canada to provide insurance capacity. The insurer will assume a quota share on all cyber insurance products Coalition provides in Canada, incepting on or after January 1, 2024.

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today released its 2023 Cyber Claims Report: Mid-year Update, which details the evolution of cyber trends during the first half of 2023. In the face of surging attacks, Coalition’s claims data showed a 12% increase in cyber claims over the first six months of the year, driven by the notable spikes in ransomware and funds transfer fraud (FTF).

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today released the 2023 edition of its Cyber Claims Report detailing the evolution of cyber trends. The report found that policyholders with even one unresolved critical vulnerability were 33% more likely to experience a claim. Additionally, policyholders—regardless of organization size—who continued to use end-of-life software, products no longer supported by their original developers, were three times more likely to suffer from an incident.

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today launched a version of its Executive Risks Insurance products designed for not-for-profit organizations. Coalition’s Executive Risks insurance for not-for-profits combines automated underwriting data collection and real-time analysis with a streamlined application process compared to the industry standard for Executive Risks applications.

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today announced the launch of the next generation of its cyber risk management platform, Coalition Control, to help organizations detect, assess, mitigate, and transfer cyber risk exposure. Coalition Control combines cyber risk monitoring, assessment, and quantification tools with third-party risk management and AI-powered assistance to provide unparalleled risk management capabilities to organizations of all sizes.

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today introduced CoalitionAI™, a new initiative to deploy generative AI and large language models to help brokers and businesses protect themselves from cyber risk. U.S.-based brokers and businesses can now access new AI-powered education and chat features, including:

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today released the all-new Active Cyber Risk Model, a practical framework for understanding cyber risk aggregation that provides an ongoing view into organizations’ cyber risks and identifies preventive measures to protect against new threats. The model – which simulates how a singular cyber risk event can trigger a chain reaction resulting in substantial economic losses – illustrated the possibility of nearly $30 billion in total insured losses if an aggregated cyber event occurred.

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today published its first-ever Coalition Cyber Threat Index, detailing insights on cybersecurity trends from 2022 and what emerging cyber threats are on the horizon to better prepare businesses for 2023.

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today announced the addition of Crime and Fiduciary Liability Insurance coverage provided through a collaboration with Zurich American Insurance Company to protect small businesses. Adding Crime and Fiduciary Liability to Coalition’s Executive Risks product lines makes it easier than ever for brokers to quote and bind via Coalition’s streamlined digital application process, all for protection from a wider range of risks.

Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, today announced the launch of Coalition Insurance Company (CIC), the first full-stack, Active Cyber Insurance carrier. The launch of CIC, which recently received an A- rating from A.M. Best, is a major milestone for Coalition with the expansion of its available capacity in the cyber insurance market and transition to a full-stack insurance organization.