Swiss Re Corporate Solutions, the commercial insurance unit of Swiss Re Group, and Coalition, a provider of cyber insurance and security, have signed a multiyear strategic agreement to provide broad cyber insurance and technology errors & omissions insurance to small and midsize organizations throughout the U.S. and Canada.
Financial terms of the agreement were not disclosed.
The new agreement reinforces the ongoing collaboration between the companies and advances Swiss Re Corporate Solutions’ support of Coalition’s data-driven approach to underwriting, continuous risk mitigation and claims management as it expands into new products and markets.
Coalition, which launched in 2017, has grown to over $240 million of run-rate gross written premium (GWP) and serves more than 41,000 customers. Backed by global insurers Swiss Re Corporate Solutions, Arch Capital Group Ltd, Lloyd’s of London and Argo Group, Coalition provides companies with up to $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 nine provinces and three 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.