The deal aims to extend cyber insurance capacity in the United States, beginning on or after April 1, 2024.
The arrangement also allows Aspen to contribute to Coalition’s US surplus lines cyber program from this year forward.
Shawn Ram, the head of insurance at Coalition, expressed enthusiasm about the company’s trajectory and its ability to attract and consolidate market capacity.
“We continue to see robust interest in our innovative and profitable active insurance model. We’re thrilled to have Aspen join our US panel of capacity partners and continue providing outstanding cyber coverage to our policyholders,” Ram said.
Bobby Bianconi, global head of cyber at Aspen, also commented on the collaboration’s potential.
“As the global cyber insurance market continues to grow, we remain committed to bringing clarity to this increasingly complex and critical risk. 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,” Bianconi said.
In February, the active insurance provider released its Cyber Threat Index 2024, an overview of observed cybersecurity trends in 2023 and potential trends to watch out for this year.
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