Coalition said it received regulatory approval and completed the acquisition of Digital Affect Insurance Company from Munich Re Digital Partners US Holding Corporation. Digital Affect Insurance Company is a property/casualty insurer licensed in all 50 states.
The acquisition will allow San Francisco-based Coalition to offer insurance policies through its own admitted insurance carrier. Coalition currently offers cyber, technology errors and omissions, directors and officers, and other executive risks policies through partnerships with Allianz, Arch Insurance North America, Ascot Group, Lloyd’s of London, Swiss Re Corporate Solutions, Vantage and Zurich, among others.
“This strategic move empowers Coalition to expand the reach of our market-leading active cyber insurance offering together with other admitted insurance products,” said Shawn Ram, head of insurance for Coalition. “The acquisition is a natural next step in our evolution and will allow us to better serve our broker partners and customers while continuing to push the boundaries of innovation in cyber insurance, executive risks insurance and beyond.”
Last week Coalition appointed its first ever CFO and general counsel. In July Coalition announced it raised an additional $250 million to accelerate its growth, power international expansion and broaden the services it offers. The funding increased Coalition’s valuation from $3.5 billion to $5 billion.
Coalition now serves over 160,000 customers with Active Cyber Insurance, Active Executive Risks Insurance, P/C insurance, and cybersecurity capabilities.