Active cyber insurance provider Coalition has announced that it has launched its own full-stack insurance company called Coalition Insurance Company (CIC).
Rated A- by AM Best, CIC is backed by Coalition’s Active Insurance platform. The operator will allow brokers to ensure cyber protection for a broader range of customers while providing coverage that meets specific customer needs, the company explained. Policies issued by CIC will include robust cyber protection for small and medium-sized businesses that lack the tools and resources to mitigate cyber risks.
“The launch of Coalition Insurance Company marks a critical step in our company’s mission to protect the unprotected,” said Coalition Co-Founder and CEO Joshua Motta. “Cyber risk exists for any business, regardless of size or industry. With our own carrier, we can innovate faster to protect the broadest set of businesses from emerging cyber threats and make cyber insurance more accessible to the small businesses that need it most.”
CIC will begin listing its multi-state supported cyber product beginning in March 2023, a launching saying. A national launch is expected in the coming months.
Last year, Coalition acquired Digital Afect Insurance Company from Munich Re Digital Partners US Holding Corporation. The acquisition allows Coalition to offer insurance policies through its own admitted insurance company.
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