Coalition announced it has launched a full-stack cyber insurance carrier. Coalition Insurance Company (CIC), which the InsurTech calls the “the first full-stack, active cyber insurance carrier,” received an A- rating from AM Best.
New York-based CIC will begin quoting its admitted cyber product in many states starting March 2023 via Coalition-appointed brokers, with a national roll-out expected throughout the year.
“The launch of Coalition Insurance Company marks a critical step in our company’s mission to protect the unprotected,” said Joshua Motta, cofounder and CEO of Coalition, in a statement. “Cyber risk exists for any business — regardless of size or industry. With our own carrier, we can innovate faster to protect the broadest set of businesses from emerging cyber threats and make cyber insurance more accessible to small businesses who need it most.”
CIC said all insurance policies will include robust cyber protection for small and midsize businesses (SMBs) that often lack the tools and resources to mitigate cyber risks. The product is backed by Coalition’s Active Insurance platform, which the company said combines comprehensive cyber coverage, digital tools to monitor and manage their risk, and optional access to Coalition’s incident response capabilities to help spot, prevent and respond to digital risk.
AM Best said its stable outlook for CIC is based on the insurer’s balance-sheet strength and ability to grow its book. “With cyber insurance being among the fastest-growing lines of business, CIC projects this business line to expand rapidly with sustained premium growth anticipated over the next five-year period,” the rating agency said.