The Hartford and Coalition have entered a long-term capacity partnership aimed at meeting growing customer and broker demand for Coalition's active cyber insurance approach in the UK.
Under the agreement, The Hartford will assume a quota share of Coalition's UK cyber program, supplementing its current capacity partnerships with other insurers.
Carl Bach, head of The Hartford's international business, stated that the partnership aligns with the insurer’s broader strategy to leverage its strengths in the US and London markets and expand its international footprint.
“Drawing on our deep expertise underwriting cyber in the US market, we recognize the innovative model of active insurance that Coalition possesses, designed to help businesses identify and mitigate cyber risk before it becomes a disruption,” Bach said. “We look forward to partnering with Coalition to serve more customers and brokers in the UK for years to come.”
Shawn Ram (pictured above), Coalition’s head of insurance, also welcomed The Hartford to its panel of capacity partners.
“We are thrilled to have The Hartford join our panel of capacity partners and support our efforts to continue providing outstanding cyber coverage to our policyholders,” Ram said. “Coalition continues to see robust interest in our innovative and profitable Active Insurance model in the UK, which has disrupted the standard approach to cyber insurance and offered businesses a way to manage their risk as it evolves.”
Earlier this month, Coalition also announced the introduction of a new service aimed at recovering funds stolen by cyberattackers, marking a first in the UK cyber insurance market.
The company says that its "clawback" service is designed to retrieve funds from the banking system before they can be moved by cybercriminals. The service recently achieved a milestone with the recovery of £1.4 million for a policyholder.
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