SAN FRANCISCO, CA – (Dec 5, 2017) – Coalition, the cyber risk solution co-founded by technology entrepreneurs Joshua Motta and John Hering, launched today and announced that its new cyber insurance products are issued and supported by the financial strength of Swiss Re Corporate Solutions and Argo Group.
Coalition provides a full suite of cybersecurity products for small to midsize businesses (SMBs) and comprehensive cyber and technology error & omissions insurance of up to $10 million of coverage. Through Coalition’s online platform, insurance brokers are able to generate a quote in minutes and also provide their SMB clients with access to Coalition’s proprietary cybersecurity apps that are designed to detect, manage and mitigate threats.
Coalition’s team includes technology entrepreneurs and executives that helped build Cloudflare, Lookout and OpenDNS, former members of the US Intelligence Community and cyber insurance innovators. Their combined expertise puts Coalition in a unique position to understand and address today’s cyber risk challenges.
“Cybersecurity is broken,” said Motta, CEO of Coalition. “We’ve experienced first-hand the difficulty of protecting an organization from constantly evolving cyber and technological threats. From systems failure to hacking, human error to denial of service attacks, no amount of investment in defenses has solved the problem. Our insurance-enabled, technology-driven platform addresses these risk management gaps for SMBs to help them prevent losses and remain resilient should the worst come to pass.”
To tackle a growing set of technological risks faced by businesses, Coalition is introducing two of its own proprietary insurance products—one for cyber and one for technology errors & omissions—to address emerging risks such as social engineering, systems failure, internet of things (IoT) devices, and even physical cyber attacks.
“Unlike other cybersecurity firms, Coalition shares its customers’ financial incentive to prevent and mitigate losses,” said Motta. “We are fortunate to join forces with two insurance industry leaders – Swiss Re Corporate Solutions and Argo – who support our vision for harnessing the best cyber expertise with the safety of insurance to provide the first truly holistic approach to cyber risk.”
Coalition will use the insurance backing from these leading firms to accelerate its rapid customer growth, provide innovative insurance products to meet the demands of SMBs, and expand its offering of cybersecurity tools and services.
“Coalition’s ability to deliver security tools and services directly to insureds will help clients secure their network and reduce the chance of a breach,” said Richard DePiero, Head of Cyber & Technology North America at Swiss Re Corporate Solutions. “Their unique ability to help customers before, during, and after an incident makes it a powerful offering when combined with the insurance backing and claims commitment of Swiss Re Corporate Solutions.”
“Coalition offers the most innovative and comprehensive coverage available in the SMB market and we’re excited about the opportunity to partner with this impressive team of cybersecurity leaders,” said Simon White, Senior Vice President, Head of Cyber at Argo Group. “Coalition’s highly differentiated insurance offerings complement and add tremendous value to standard business insurance policies.”
Through Coalition’s risk management apps, businesses can easily access and configure threat and intelligence alerts, ransomware and denial of service protection, and patch and vulnerability notifications without any complex setup or configuration.
“For the majority of business owners, cybersecurity is simply too expensive and complex,” said Hering, co-founder of Coalition. “We believe that cybersecurity should be a public good, and we intend to democratize access to the technology SMBs need to manage cyber risk.”
To learn more about Coalition’s mission go to https://blog.thecoalition.com/why-we-founded-coalition.
Coalition, Inc., the cyber risk solution from Joshua Motta and John Hering, combines comprehensive insurance and proprietary security tools to help businesses manage and mitigate cyber threats. Founded in March 2017 and headquartered in San Francisco, its proprietary apps provide automated alerts, threat intelligence, expert guidance and recommendations, benchmarking and ongoing monitoring tools to help businesses remain resilient in the face of cyber risk. Coalition provides companies with up to $10M of insurance coverage backed by A+/A rated insurers Swiss Re Corporate Solutions and Argo Group, and is currently available in all 50 states and the District of Columbia. For more information about Coalition, visit www.thecoalition.com or follow us on Twitter @SolveCyberRisk.
Swiss Re Corporate Solutions provides risk transfer solutions to large and mid-sized corporations around the world. Its innovative, highly customized products and standard insurance covers help to make businesses more resilient, while its industry-leading claims service provides additional peace of mind. Swiss Re Corporate Solutions serves clients from over 50 offices worldwide and is backed by the financial strength of the Swiss Re Group. Swiss Re Corporate Solutions offers products through carriers that are allowed to operate in the relevant type of insurance or reinsurance in individual jurisdictions. For more information about Swiss Re Corporate Solutions, please visit corporatesolutions.swissre.com or follow us on Twitter @SwissRe_CS.
Argo Group International Holdings, Ltd. (NASDAQ: AGII) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims handling needs of businesses in two primary segments: U.S. Operations and International Operations. Argo Group's insurance subsidiaries are A. M. Best-rated 'A' (Excellent) (third highest rating out of 16 rating classifications) with a stable outlook, and Argo Group's U.S. insurance subsidiaries are Standard and Poor’s-rated 'A-' (Strong) with a stable outlook. More information on Argo Group and its subsidiaries is available at www.argolimited.com.