Aspen to provide capacity for newly-launched Coalition Re
San Francisco-based Coalition, which bills itself as the world's first Active Insurance provider designed to prevent digital risk before it strikes, has announced the creation of its reinsurance intermediary, Coalition Re, to provide capacity for cyber reinsurance treaties and expand on its mission to protect more unprotected businesses.
The company said Coalition Re provides capacity for non-proportional cyber reinsurance treaties, as well as a white-labelled cyber insurance product with up to 100 per cent quota share support for cedants seeking to offer cyber insurance as an endorsement to an existing insurance product offering.
Both are available globally and supported by a robust panel of capacity providers led by Bermudian-based Aspen, the specialty insurer and reinsurer.
Shawn Ram, head of Insurance at Coalition, said: “In reinsurance, there is often a breakdown of information where reinsurers know less about policyholders than the primary insurers. Combine that with a lack of cyber expertise and proper data usage among reinsurers, and the result is inaccurately priced reinsurance contracts and a misconception around how to measure cyber accumulation exposure.
“Coalition Re is a new type of reinsurance provider whereby we equip carriers with deeper insights into the cyber-risk in their books, which adds value far beyond simply adding capacity. By democratising Coalition’s industry-leading technology, we can better align interests with cedants and promote a more stable cyber reinsurance market.”
He added: “Unlike other reinsurers, Coalition doesn’t rely on historical or third-party data. We have built a robust and innovative approach to cyber reinsurance underwriting, leveraging continuous, internet-wide data collection, AI-enabled threat detection, and real-world security and insurance expertise.
“This allowed us to build the reinsurance industry’s most comprehensive picture of the cyber-risk landscape and will set Coalition Re apart from other reinsurers.”
Bobby Bianconi, global head of Cyber at Aspen, said: “We are thrilled to partner with Coalition on this innovative reinsurance offering to bring clarity to the increasingly complex and critical risk of cyber.
“We see a significant opportunity for this new capacity and the unique cyber-risk insights that will complement the offer, with Coalition well-positioned to deliver these value-add services to cedants. We look forward to the continued work we will do with Coalition to bring market-leading cyber coverage to clients.”
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