Aspen helps Coalition launch new reinsurer

Coalition has secured capacity from a panel of capacity providers led by Aspen to launch a reinsurer.

Coalition Re will provide capacity for non-proportional cyber reinsurance treaties, as well as a white-labelled cyber insurance product with up to 100 percent quota share support for cedants seeking to offer cyber insurance as an endorsement to an existing insurance product offering. 

Coalition Re will offer clients access to a suite of risk mitigation tools and services currently available only for Coalition’s standalone Active Cyber Insurance policyholders. Active Insurance helps underlying policyholders before, during, and after an incident.

“We equip carriers with deeper insights into the cyber risk in their books.”

“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,” said Shawn Ram, head of insurance at Coalition. 

“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.”

More clarity for cyber

Bobby Bianconi, global head of cyber at Aspen, added: “We are thrilled to partner with Coalition on this innovative reinsurance offering to bring clarity to the increasingly complex and important 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.”

Coalition brands itself as an “active insurance provider”, designed to help prevent digital risk before it strikes. By combining comprehensive insurance coverage and cybersecurity tools, Coalition says it helps businesses manage and mitigate potential cyber attacks.

For more news from the Rendez-Vous de Septembre (RVS) click here.

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