Coalition enters excess cyber insurance market in Canada
Cyber insurance and security company Coalition announced it will enter the excess cyber insurance market in Canada to help protect businesses with enhanced coverage and free access to Coalition’s cybersecurity capabilities, including attack surface monitoring, an in-house response team of security experts, and a suite of services and tools. Coalition began offering excess cyber insurance in the US in July 2020.
Coalition will extend its reach beyond primary insurance coverage in Canada to provide brokers with excess cyber liability and technology errors & omissions insurance for accounts with up to CAD $5 million in aggregate limits for companies with up to CAD $1 billion in revenue. This new excess capacity is backed by the financial security of Arch Insurance Canada (A.M. Best A+ Superior).
Coalition launched in Canada in May of 2020 and has since become one of the country’s largest writers of cyber insurance, offering up to CAD $20 million of comprehensive insurance coverage supported by the financial strength of Swiss Re Corporate Solutions and Arch Capital Group (A.M. Best A+ Superior) to companies with up to CAD $1 billion in annual revenue.
“Since launching in 2020, we’ve grown one of the largest dedicated cyber teams in the market and have built an on-the-ground incident response function to protect Canadian companies. Adding excess insurance to our offering in Canada provides brokers with more options to protect their clients and access Coalition’s cybersecurity tools and services. As the broader cyber marketplace continues to harden and retreat, Coalition is looking for new ways to expand its reach, maintaining stable and planned growth in the US and Canada.” – Shawn Ram, Head of Insurance at Coalition.