Allianz bets on cyber MGA Coalition; UK programme to launch

Allianz has agreed a new multi-year partnership with Coalition, a cyber insurance and security provider headquartered in San Francisco.

Under the terms of the deal, Allianz provides Coalition with long-term committed capacity for its US cyber insurance programs and will lead Coalition’s UK cyber program when it launches later this year.

“Cyber is one of the top risks for businesses globally and while the risk landscape is not getting any easier, we are expanding our offering for customers,” said Scott Sayce, global head of Cyber at Allianz.

“We constantly urge our customers to strengthen their cyber defences and, with its innovative approach to cyber risk, Coalition has proven that data and technology can be very effective to prevent and resolve cyber claims.”
Allianz said that the global economy loses up to $1.5 trillion annually due to cyberattacks., but it added that, to date, few companies are adequately equipped to identify and manage these risks effectively. SMEs and mid-market companies especially face challenges procuring the tools, skills and resources needed to protect themselves.

Coalition combines cyber coverage with AI-powered security tools to help customers spot, prevent and respond to cyber risk. Proactive and real-time risk screenings deliver accurate insights on digital risks, while 24/7 access to incident response experts enable organizations to respond to threats at early stage. As a result, it claims, customers experience a substantially lower frequency of claims compared to the cyber market average.
“We’re thrilled to have Allianz, one of the world’s largest insurance companies, partner with Coalition to protect the unprotected,” said Shawn Ram, head of Insurance at Coalition. “There are far too many companies who simply aren’t prepared to manage and mitigate cyber risk. Coalition’s approach of Active Insurance offers demonstrably better protection from cyber threat and with Allianz’s support we will be able to help protect more organizations worldwide.”