Coalition Insurance’s Nationwide Leap: Quotes Open for All U.S. States
Coalition, an active insurance pioneer, has announced that its full-stack carrier, Coalition Insurance Company (CIC), is currently offering quotes for its admitted cyber product throughout the United States.
Coalition’s head of insurance, Shawn Ram, stated that the move is part of the company’s ongoing efforts to “drive the industry forward” with coverage based on a specialist understanding of cyber risk management, cyber threat trends, and cyber claims data.
“We are thrilled to now offer capacity through CIC across the entire US, transforming our ability to offer policyholders world-class, comprehensive cyber insurance products,” he went on to say.
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Coalition positions itself as the world’s first active insurance provider, offering products that combine insurance coverage with cybersecurity technologies.
Coalition’s CIC provides main admitted cyber coverage for small and midsize organizations, including an enlarged base form and affirmative coverage for critical exposures.
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CIC employs a competitive rating mechanism that enables Coalition-appointed brokers to obtain approved cyber coverage for clients in the United States. Its policyholders also have access to Coalition Control, a flagship risk management tool developed to improve defense against digital threats.
CIC, the Coalition’s carrier, became the first monoline cyber insurer to receive an A- (Excellent) financial strength rating from AM Best in January 2023. This grade was reaffirmed in late March, with AM Best emphasizing CIC’s strong balance sheet.
In other company news, Coalition’s US surplus and Canada cyber insurance plans now include affirmative artificial intelligence (AI) endorsement. Ram stated that this provision provides “important clarity” on how situations using AI are handled.
“Coalition is at the forefront of evolving cyber insurance coverage to address this ever-changing risk ecosystem,” he said in an earlier statement. “While FTF and data breach coverages have always been cornerstones of our policies, this new endorsement gives brokers confidence that they’re offering their clients the most comprehensive cyber coverage – and provides policyholders with peace of mind.”