Coalition’s Cyber Insurance Deal With Aspen
Coalition has inked a new multi-year capacity deal with Aspen to roll out cyber insurance capacity in the U.S. starting April 1, 2024.
A spokesperson said, “Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, today announced it has executed a new, multi-year capacity agreement with Aspen Specialty Insurance Company [Aspen] to deploy cyber insurance capacity in the U.S., beginning on or after April 1, 2024.”
“Coalition continues to see robust interest in our innovative and profitable Active Insurance model. We continue consolidating capacity in the market because of our industry-leading underwriting results and capabilities,” commented Shawn Ram, Head of Insurance at Coalition. “We’re thrilled to have Aspen join our U.S. panel of capacity partners and continue providing outstanding cyber coverage to our policyholders.”
The spokesperson said, “Aspen will assume a share of Coalition’s U.S. surplus lines cyber program this year. This new agreement follows Aspen’s existing support of Coalition in the U.K. and Canada.”
“As the global cyber insurance market continues to grow, we remain committed to bringing clarity to this increasingly complex and critical risk. At Aspen, we view ourselves as more than a policy provider, working closely with our clients to add value to their businesses and mitigate the impact of claims,” said Bobby Bianconi, Global Head of Cyber at Aspen.
“We’re delighted to be partnering with Coalition, whose data-driven approach to cyber risk has shown to be effective in assessing, detecting, and resolving claims. This agreement complements our evolving risk management program and services, and we’re excited to see how we can further enhance our insureds’ resilience to cyber risks by leveraging both our company’s combined technical expertise.”
The spokesperson said, “The capacity deal between Coalition and Aspen was brokered by McGill & Partners.”
