Bermudian-headquartered Aspen has expanded its relationship with Coalition, the US-based cyber insurance specialist.

Coalition said it has executed a new, multi-year capacity agreement with Aspen to deploy cyber insurance capacity in the United States, beginning on or after April 1.

The deal follows Aspen’s existing support of Coalition in Britain and Canada.

“Coalition continues to see robust interest in our innovative and profitable active insurance model. We continue consolidating capacity in the market because of our industry-leading underwriting results and capabilities,” said Shawn Ram, head of Insurance at Coalition.

“We’re thrilled to have Aspen join our US panel of capacity partners and continue providing outstanding cyber coverage to our policyholders.”

Aspen will assume a share of Coalition’s US surplus lines cyber programme this year.

Bobby Bianconi, global head of Cyber at Aspen, said: “As the global cyber insurance market continues to grow, we remain committed to bringing clarity to this increasingly complex and critical risk.

“At Aspen, we view ourselves as more than a policy provider, working closely with our clients to add value to their businesses and mitigate the impact of claims.

“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.

“This agreement complements our evolving risk management programme and services, and we’re excited to see how we can further enhance our insureds’ resilience to cyber risks by leveraging both our company’s combined technical expertise.”