PriyaPatel
TLDR:
- Coalition has entered a multi-year capacity agreement with Aspen to deploy cyber insurance capacity in the USA.
- The partnership aims to address the growing complexities and challenges in the cyber insurance landscape.
Full Article:
Coalition has announced a new multi-year capacity agreement with Aspen, to deploy cyber insurance capacity in the USA. The agreement, set to commence from April 1, 2024, sees Aspen assuming a portion of Coalition’s U.S. surplus lines cyber program, building upon their existing collaboration in the U.K. and Canada. Brokered by McGill & Partners, this partnership signifies a strategic alignment to address the growing complexities and challenges in the cyber insurance landscape.
Shawn Ram, Head of Insurance at Coalition, mentioned, “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. We’re thrilled to have Aspen join our U.S. panel of capacity partners and continue providing outstanding cyber coverage to our policyholders.”
Bobby Bianconi, Global Head of Cyber at Aspen, added, “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 program 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.”
