Coalition, a provider of active cyber insurance, has announced its entry into the excess cyber insurance market in the United Kingdom.
Through this new capacity, Coalition is set to help more businesses get the coverage that they need in order to better protect themselves from digital risk. The insurer will extend its reach to provide full-follow form coverage and protection of up to £10 million above a primary layer of insurance from another insurer for both cyber and technology professional indemnity (PI) lines.
“Our new excess product is designed to help UK brokers struggling to find enough cyber and tech PI protection for their clients. By bringing in Coalition to provide excess cover, brokers give their clients greater reassurance with our state-of-the-art prevention technology and early threat warnings from our 24/7 internet scanning operation,” said Tom Draper, UK head of insurance for Coalition.
The excess policy from Coalition provides the added benefits for policyholders of access to Coalition Control, the insurer’s proprietary attack surface monitoring technology that delivers personalized risk assessments, in addition to advice from Coalition’s in-house incident response cyber support team. Allianz and Lloyd’s of London will support Coalition’s policies.
Coalition also offers excess of loss cyber products in the US and Canada. Interested brokers can submit directly to Coalition’s underwriting team and find out more through the official site.
Last month saw the active insurance provider publishing its first annual cyber threats index, which provides detailed insights on cybersecurity trends for the year 2022 and the emerging cyber threats businesses should prepare for in 2023.
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