In a sign of the maturing cyber insurance market in the U.S., Coalition, the Active Insurance provider specializing in preemptive digital risk management, and Aspen Specialty Insurance Company have entered into a groundbreaking multi-year capacity agreement. The deal aims to bolster cyber insurance capabilities in the United States. Scheduled to begin on April 1, 2024, this partnership marks a pivotal moment in Coalition‘s strategic expansion efforts. It leverages its underwriting results and capabilities to secure its leadership in the market.
Shawn Ram, Head of Insurance at Coalition, articulated the company’s enthusiasm for the collaboration. He said, “We’re thrilled to have Aspen join our U.S. panel of capacity partners. Our continued success and growth in the Active Insurance model have allowed us to solidify our market position by providing unmatched cyber coverage to our policyholders.”
“Data-Driven”
Echoing the sentiment, Bobby Bianconi, Global Head of Cyber at Aspen, emphasized the synergy between the two companies. “We’re delighted to be partnering with Coalition, whose data-driven approach to cyber risk management aligns with our commitment to mitigating the complexities associated with cyber threats. This partnership not only enhances our risk management program but also allows us to deliver even greater value and resilience to our clients in the face of digital risks,” remarked Bianconi.
The agreement signifies a deepening of the collaborative ties between Coalition and Aspen. It builds upon their existing relationship in the U.K. and Canada. The two companies aim to address the growing challenges in the cyber liability insurance landscape by sharing resources and expertise. The aim is to provide businesses with innovative solutions to protect against the ever-evolving digital threats.
Brokered by McGill & Partners, this partnership represents a forward-thinking approach to cyber risk management. It underscores the importance of strategic alliances in advancing the industry’s ability to respond to cyber threats effectively. As Coalition and Aspen embark on this new chapter, they set a new standard for cyber insurance, offering enhanced protection and peace of mind to businesses navigating the digital age.
Source: Coalition Enters Long-Term Capacity Agreement with Aspen.
Other News: Aspen Insurance Appoints Bobby Bianconi Global Head of Cyber(Opens in a new browser tab)