Coalition combines cybersecurity insurance with proactive monitoring tools to help small and medium-sized businesses manage cyber risk. The company is backed by large insurers like Swiss Re and Lloyd’s of London. It provides up to $15 million of cyber insurance coverage in every U.S. state. With cyber-attacks a growing concern, Coalition’s annual premium revenue jumped to $315 million in 2021, up from $56 million in 2020.
The company is headquartered in San Francisco, California and is funded by $520 million from Index Ventures, T. Rowe Price, Durable Capital and others. It is valued at over $3.5 billion dollars.
At the end of 2021, Coalition hit 130,000 customers, compared with 28,000 the year prior. The cofounders are a former CIA officer and a Goldman Sachs investment banker.
Digital transformation has made all organizations — even small ones — faster, more impactful, and more complex than ever. However, this digital shift has had the exact same effect on the risks businesses face. From ransomware attacks to the challenges of managing distributed workforces during the pandemic, digital risk is different.
Coalition, believes that all businesses should be able to embrace technology and thrive in the digital economy, and to do so they need a new kind of protection. That’s why they created a new way to solve digital risk: Active Insurance.
Active Insurance provides a better model of protection for the digital world. It has a three core pillars of an Active Insurance solution- Active Risk Assessment, Active Protection, and Active Response
How Coalition’s Data Expertise Actively Targets Digital Risk
Coalition is the world’s first Active Insurance company, designed to prevent digital risk before it strikes. The team at Coalition brings together in-depth technology, cybersecurity, and insurance expertise, applying near real-time data to help organizations assess, prevent, and cover an emerging set of digital risks. The results speak for themselves: Coalition’s claims report revealed that Coalition Active Cyber policyholders reported 70% fewer claims than the industry average in 2021. The active insurance approach worked to detect, monitor and alert policyholders of fast-moving risks.
Active Insurance is coverage built for the digital economy where risks move at an accelerated speed and evolve far faster than risks of old. Coalition Active Insurance goes far beyond traditional insurance providing brokers and policyholders personalized profiles of digital risk.
Coalition’s products are offered with the financial security of Allianz Group* (A.M. Best A+ rating), Arch Specialty Insurance Company (A.M. Best A+ rating), Ascot Group** (A.M Best A rating), Lloyd’s of London (A.M. Best A rating), Chaucer Insurance Company DAC (A.M. Best A rating), Swiss Re Corporate Solutions*** legal entities (A.M. Best A+ rating), and Vantage Risk Specialty Insurance Company (A.M. Best A- rating).
* Insurance products may be underwritten by Allianz Underwriters Insurance Company, Fireman’s Fund Indemnity Corporation, or an affiliated company, which are members of Allianz Group. ** Insurance products may be underwritten by Ascot Specialty Insurance Company, Ascot Insurance Company, or an affiliated company, which are members of Ascot Group. *** Insurance products may be underwritten by North American Capacity Insurance Company, Swiss Re Corporate Solutions America Insurance Corporation, or an affiliated company, which are members of Swiss Re Corporate Solutions.