Coalition has set up its reinsurance intermediary, Coalition Re, to offer capacity for non-proportional cyber reinsurance treaties along with a white-labelled cyber insurance offering to support cedants with up to 100% quota share.
The white-labelled product is designed to enable cedants to provide cyber cover as an endorsement to their current offerings. Both the treaty coverage and white-labelled product are backed by a panel of capacity providers, with specialty reinsurer Aspen at the helm.
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Coalition Re says it employs a bottom-up approach to accurately price non-proportional reinsurance contracts. This enables primary cedants to gain a deeper understanding of their cyber insurance policyholders and identify key risk areas within their portfolios.
Additionally, Coalition Re’s holistic, white-labelled product includes a comprehensive range of risk mitigation tools and services, hitherto exclusive to Coalition’s stand-alone Active Cyber Insurance policyholders.
Active Insurance provides support to policyholders before, during and after a cyber incident, setting it apart from traditional policies that lack proactive cyber risk mitigation and response measures.
Coalition head of insurance Shawn Ram highlighted the information gap in reinsurance, where reinsurers often have less insight into policyholders compared with primary insurers.
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By GlobalDataRam noted: “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.
“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.”
Ram further noted that Coalition Re’s approach to cyber reinsurance underwriting involves the use of continuous internet-wide data collection, AI-enabled threat detection, and expertise in security and insurance.
This has enabled Coalition to develop a holistic understanding of the cyber risk landscape, he added.
Coalition serves the US, UK, Canadian, Australian and German markets, offering automated cyber alerts, expert advice and access to global third-party risk management tools through its cyber risk management platform, Coalition Control.
In 2023, the cyber insurance company launched CoalitionAI, an initiative to protect US brokers and businesses from cyber risks using generative AI and large language models.
