Coalition acquires Attune
Cyber insurance company Coalition acquired commercial insurance MGA Attune. The latter came to life following a joint venture between AIG, Hamilton, and Two Sigma IQ.
The acquisition of Attune “creates the world’s largest commercial insurtech and positions the combined entity to capture a $100 billion+ market opportunity in the P&C insurance market.” The combined company is currently delivering over $500M in GWP run rate spread across 130k customers, and Coalition plans to expand the reach of its cyber insurance to more policyholders through the Attune marketplace.
Attune targets small businesses with the help of independent agents. The average premium is $2,500-$2,800 and last year the company had around 3,500 appointed agents and $100 million in premiums.
“We are thrilled to join forces with Attune to carry out our shared mission of providing security for all. Together, our companies will define the future of insurance by applying data and technology expertise to mitigate current and emerging risk, expand our insurance offerings to keep more businesses safe and build a better experience for insurance brokers and their clients.” – Joshua Motta, CEO, and co-founder of Coalition.
“I am excited for our teams to work with one another to offer more digitally-powered insurance products to more brokers and help organizations mitigate risk. Our brokers will soon be able to offer businesses access to Coalition cyber insurance alongside the business owner policies, general liability and other leading Attune products in a comprehensive package.” – James Hobson, CEO of Attune.
Bottom Line: Something had to happen.