Coalition announced it has expanded its cybersecurity insurance offering to enterprise businesses with revenues up to $5 billion.
The company’s increased capacity above its existing limit of $1 billion comes from a syndicated placement across many of its existing partners.
“By opening up our capacity to enterprise businesses with $5 billion in revenue, we are widening the field of companies we can protect,” said Shawn Ram, head of insurance at Coalition, in a statement. “For the first time, enterprises can benefit from Coalition’s Active Insurance, a dynamic cyber protection system that resolves complex claims should they arise, but also works around the clock to help prevent them in the first place.”
Typically, enterprise businesses have a stronger cybersecurity posture than smaller organizations due to available resources, but they also have a much larger attack surface to monitor and defend. Coalition said its Active Cyber Insurance product can provide additional layers of protection by fitting into existing enterprise-scale security programs while also creating a backstop should any attack get through. Further, implementing Active Insurance means more visibility into an organization’s overall cyber risk posture, which makes the adoption and implementation of insurance less onerous and more dynamic when coupled with a more efficient underwriting process.
“The truth is that no business or organization – regardless of size, resources or revenue – is immune to cyber attacks,” said Tiago Henriques, Coalition’s vice president of security research. “Most large enterprises have the means to establish strong cybersecurity postures, but that should not preclude them from the benefits of adding cyber insurance to the mix. Cyber insurance should be a critical component of any company’s defense-in-depth strategy.”
For brokers, this expansion to large enterprise businesses means an opportunity to offer Coalition policies to more customers and access the fast quoting, renewals and claims for which Coalition is known.
Last last month insurtech Coalition announced the launch of a full-stack cyber insurance carrier for small and midsize businesses, Coalition Insurance Company, which garnered an A- rating from AM Best.
Topics Cyber Profit Loss New Markets
Was this article valuable?
Here are more articles you may enjoy.
Coverage Needed: Hundreds of Thousands in SE Now in Flood Zones With New Maps 
US P/C Underwriting Results: Two Years in a Row Over $20 Billion in the Red 
State Farm Seeking Large Rate Increases in Wildfire-Prone California 
Microsoft Tells Texas Agencies They Were Exposed in Russian Hack 
