Coalition plans to enter the excess cyber insurance market in Canada with enhanced coverage to help protect businesses.
With the coverage, the San Francisco-based cyber insurance and security company will provide free access to its cyber-security capabilities, including attack surface monitoring, an in-house response team of security experts, and a suite of services and tools.
Coalition, which is a managing general agent, began offering excess cyber insurance in the United States in July 2020.
Coalition will extend its reach beyond primary insurance coverage in Canada to provide brokers with excess cyber liability and technology errors & omissions insurance for accounts with up to C$5 million (US$4 million) in aggregate limits for companies with up to C$1 billion (US$800,000) in revenue.
This new excess capacity is backed by the financial security of Arch Insurance Canada Ltd. (AM Best A+ Superior).
Coalition launched in Canada in May of 2020 and has since become one of the country’s largest writers of cyber insurance, offering up to C$20 million (US$16 million) of comprehensive insurance coverage supported by the financial strength of Swiss Re Corporate Solutions and Arch Capital Group Ltd. to companies with up to C$1 billion (US$800,000) in annual revenue.
“Since launching in 2020, we’ve grown one of the largest dedicated cyber teams in the market and have built an on-the-ground incident response function to protect Canadian companies,” said Shawn Ram, head of Insurance at Coalition.
“Adding excess insurance to our offering in Canada provides brokers with more options to protect their clients and access Coalition’s cybersecurity tools and services. As the broader cyber marketplace continues to harden and retreat, Coalition is looking for new ways to expand its reach, maintaining stable and planned growth in the US and Canada,” Ram continued.
Backed by Swiss Re Corporate Solutions, Arch Capital Group Ltd., Lloyd’s of London, and Argo Group, Coalition provides companies with up to US$15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia, as well as C$20 million (US$16 million) of coverage across nine provinces and three territories in Canada. Coalition’s team is global with employees based across the United States, Canada, the United Kingdom, Switzerland, and Portugal.