The Source for Cyber Insurance News, Insights and Data
Fintech VC Canapi Ventures led the round in Elpha, which claims to be the first cyber insurance startup “to combine proprietary cybersecurity software with coverage to improve risk transfer.” Fused cybersecurity/insurance platforms continue to appear, but Elpha is apparently differentiated enough for its well-known pre-A investors to join the round. According to the company, they’re: … Read more
“…enterprises can control the costs by being more intelligent about risk selection regarding the products and technologies in their environment. Coalition rates are based on certain technologies, which means it’s not a flat rate increase for every renewal, according to (head of product at cyber insurance provider Coalition Payal) Chakravarty. Renewal rates are determined by … Read more
“The result: Coalition gains a property and casualty insurer licensed in all 50 states. Financial terms of the deal were not disclosed… Shawn Ram, head of Insurance for Coalition, described the advantages to the acquisition of Digital Affect: ‘This strategic move empowers Coalition to expand the reach of our market leading active cyber insurance offering … Read more
“’Unfortunately, the adversarial community, the hacking community, they don’t care,’ (Coalition Head of Insurance Shawn Ram) added. ‘Companies may elect to provide less resources toward cyber-related security and controls. The opportunity for adversaries to take advantage of that increases, so what we have seen is an increased demand and increased desire for cybersecurity.’” Some investors … Read more
“Through the partnership, Allianz’s products and distribution network provide long-term capacity for Coalition’s ‘Active Cyber Insurance’ approach to target the SME segment in the US and UK.” Source: Allianz boosts cyber insurance offering with multi-year partnership | Insurance Business America