Allianz joins forces with Coalition for cyber insurance

Allianz has entered into a multi-year partnership with cyber insurance provider Coalition for US and UK cyber insurance programmes.

Backed by global insurers Allianz, Swiss Re Corporate Solutions, Arch Insurance North America, Lloyd’s of London and Ascot Group, Coalition offers its insurance products in the US and Canada and its security products globally.

Coalition’s platform provides automated security alerts, threat intelligence, as well as guidance and cybersecurity tools to help businesses remain resilient in the face of cyber attacks.

The agreement, Coalition said, will provide it with long-term committed capacity for its cyber insurance programmes. Allianz will assume a share of all Coalition US non-admitted cyber programmes and Coalition’s UK cyber programme when it launches later this year.

Scott Sayce, global head of Cyber at Allianz, said, “Cyber is one of the top risks for businesses globally and while the risk landscape is not getting any easier, we are expanding our offering for customers.

“We constantly urge our customers to strengthen their cyber defences and, with its innovative approach to cyber risk, Coalition has proven that data and technology can be very effective to prevent and resolve cyber claims.”

Earlier this year, global insurer Acrisure partnered with provider of cyber insurance security Coalition to launch a cyber risk assessment.

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