Cyber MGA Coalition launches in UK with Allianz backing, London market veterans

Cyber managing general agent (MGA)  Coalition, which is backed by several leading insurers and reinsurers, has commenced trading in the UK as of September 1.

Coalition entered into a multi-year capacity agreement with Allianz Global Corporate & Specialty to distribute its products via brokers across the UK. Targeting the UK’s SME sector, the MGA’s risk appetite encompasses firms up to £1 billion turnover.

The San Francisco-headquartered company has opened its London office with a new team, including several London market veterans. Stephen Wares, former-MS Amlin principal cyber underwriter, joined Coalition as head of risk engineering, UK. Tom Draper, former-Gallagher technology and cyber practice leader, joined as head of insurance, UK. The business plans to further expand the team in the coming months.

Coalition launched in 2017 and is currently a recognised cyber insurance provider in North America. The UK is its second market outside the US, having launched in Canada in 2020. In North America, Coalition serves over 160,000 customers with Active Cyber Insurance, Active Executive Risks Insurance, P&C Insurance, and cybersecurity capabilities. In the UK, it will initially distribute cyber insurance along with free active monitoring and cyber response services.

Draper said: “We aim to democratise cyber services and protection for UK businesses and help brokers show their clients the real value of Active Insurance. With our tech-enabled approach to underwriting, we offer brokers the ability to quote and bind in seconds. We assess each risk on its merits and profile during that time, not just industry standards. This speed of service, combined with sophisticated cyber protection and comprehensive insurance protection, is a powerful offer to the UK market.”

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