Coalition, the San Francisco-based cyber managing general agent and cyber-security firm, announced the launch of its Active Cyber Insurance in Germany through its subsidiary, Coalition Insurance Solutions GmbH. Coalition’s offerings became available on Aug. 1, 2024.
Cyberattacks and IT system breakdowns are among the top threats to German businesses, according to the Federal Financial Supervisory Authority (BaFin)’s 2024 Risks in Focus Report.
Coalition’s Active Cyber Insurance is designed to help German businesses spot, mitigate, and respond to emerging cyber threats.
Coalition now offers insurance products in Germany with capacity provided by Allianz Global Corporate & Specialty SE in a multi-year agreement. Coalition’s Active Cyber Insurance is available to businesses with up to €1 billion in revenue on a primary basis, with no minimum premium requirement. Coalition’s Excess Cyber Insurance product is expected to be available in early 2025.
Active Cyber Insurance not only helps businesses mitigate financial losses, but it also offers policyholders access to cybersecurity tools to help them better understand their risks, strengthen their defenses, and prevent future attacks, Coalition said.
Allianz’s existing strategic partnership with Coalition includes providing capacity for the company’s US, UK, and Australian cyber insurance programs.
“German businesses are frequently targeted by cyber-attacks, forcing them to spend significant time and resources dealing with the aftermath,” said Joshua Motta, Coalition’s chief executive officer and co-founder. “Active Cyber Insurance doesn’t just provide a safety net; it empowers businesses to actively defend against these cyber threats. We’re excited to expand this unique solution to Germany in our quest to protect more organizations worldwide.”
“As our Allianz Risk Barometer 2024 has shown again: cyber risks are among the biggest threats to companies worldwide,” commented Michael Furtschegger, Allianz Commercial’s regional managing director, Germany & Switzerland.
“We are now complementing our established cyber product for complex risks of all kinds and multinational requirements with Coalition’s Active Insurance market offering,” Furtschegger said. “This enables us to provide our German customers with even better support in managing their cyber risks in a targeted manner, recognizing losses quickly and, in the best case, avoiding them altogether.”
“The German cyber insurance market faces significant challenges, including a shortage of skilled cyber experts, difficulties in calculating premiums, and a lack of data,” according to Martin Swider, Coalition’s head of Business Development, Germany. “Coalition’s data-driven approach to underwriting and risk management is well-suited to tackle these issues, helping brokers and their clients achieve comprehensive cyber coverage.”
Coalition offers a streamlined quoting process through its end-to-end platform, allowing brokers to generate bindable quotes in minutes. Coalition also provides extensive training materials and resources to help brokers advise their clients on cyber risk.
Through Coalition’s cyber risk management platform, Coalition Control®, policyholders receive ongoing alerts about vulnerabilities and cyber threats. This continuous monitoring helps identify risks before they lead to incidents and business disruptions. If an attack occurs, Coalition’s claims and incident response teams will be available to help businesses quickly recover and resume normal operations.
Brokers in Germany can start quoting now by submitting requests directly to Coalition’s underwriting team at help@coalitioninc.de.
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