Coalition adds Ascot for long-term capacity across cyber

Ascot has announced a deal with Coalition, the world’s first Active Insurance Company, that will see it back Coalition’s US primary surplus lines cyber program through Ascot Specialty Insurance Company. Ascot provides a broad range of property and casualty products to customers worldwide through its Lloyd's and Bermuda market platforms.

Coalition, which has over 140,000 customers, saw its year-over-year revenue grow by more than 400% in 2021. Its gross written premium now exceeds $650 million. Coalition says its Active Insurance approach combines cybersecurity technology with traditional coverage and has a track record of 70% fewer claims than the rest of the insurance market.

“Coalition’s track record over the past five years has proven that innovation and technology can effectively coexist to create unique and preferred outcomes. This powerful combination aids the underwriting process and has proven to be a differentiator in the market helping clients to manage and mitigate cyber risk,” Matt Kramer, CEO of US insurance at Ascot, said. “This partnership gives Ascot the opportunity to complement our already talented cyber underwriting team by offering additional capacity to support Coalition’s continued growth.”

Shawn Ram, head of insurance at Coalition, added: “Coalition is committed to setting a new standard for cyber insurance by spotting and mitigating risks before they strike and providing support both during and after an incident. This Active Insurance model is helping small businesses thrive in our digital economy.”

Coalition's other long-term capacity providers include Swiss Re Corporate Solutions, Arch Insurance North America, Lloyd's of London and Zurich North America.