Digital Transformation Slows Down the Global Economy
Digital Affect Insurance Purchased By US Based Cyber Insurer “Coalition”
By Aarti Dhapte , 15 November, 2022
On 16th August 2022, Coalition, a US-based cyber insurtech, received regulatory approval to acquire Munich Re Digital Partners U.S. Holding Corporation's Digital Affect Insurance Company, a P&C insurer licensed in 50 states. The acquisition allows Coalition to offer insurance policies through its carrier. The company currently provides coverage like cyber, technology errors & omissions, D&O, and other executive risk policies through partnerships with carriers like Allianz, Swiss Re, Vantage, and Zurich.
According to a press release from Coalition's head of insurance, Shawn Ram, "This strategic decision permits Coalition to increase the scope of their market-leading active cyber insurance offering coupled with other accepted insurance products." The acquisition is a logical next step in their development. It will enable them to continue pushing the boundaries of innovation in executive risks insurance, cyber insurance, and other areas while better serving the broker partners and consumers.
Furthermore, Coalition raised USD 250 million in Series F fundraising earlier this year, valuing the business at USD 5 billion. Allianz X, Valor Equity Partners, Kinetic Partners, and other current investors took part in the round. The business claimed to be amid a "wave of growth" at the time, with run-rate GWP (gross written premium) topping USD 775 million and revenue growth over the previous year approaching 200%. In addition, Dr. Nazim Cetin, CEO of Allianz X, stated in a news release announcing the recent funding that Coalition's active, tech-based approach to cybersecurity and cyber insurance has shown to be profoundly influential, which is also reflected in its outstanding financial performance. The trends influencing the significance of cyber defense are unabating. They believe that the best way to deal with cyber threats to organizations now and in the future is to take an active approach.Cyber Insurance Statistics For SMEs
Latest News
Digital Transformation Slows Down the Global Economy
Globally, the nations are facing downward momentum in their economic activities. The financial condition of advanced economies is declining rapidly in 2024. Surveys suggest that advanced economies are facing economic challenges due to various…
German Companies’ Joint Venture to Boost Large Scale Storage in 2024
The growing clean energy transition process is forcing companies to make significant decisions regarding the storage of clean energy. Germany's energy market surges in power with necessary steps towards uplifting clean energy. The increasing…
Consumers Behavior Makes Food and Beverage Companies World Leaders in FMCG Rankings
Fast moving consumer goods (FMCG) are the important goods that consumers use in their daily activities. These products are otherwise known as consumer-packaged goods, thus, they include a range of products, such as food and beverages, healthcare…
Need of More Renewable’s Growth to Replace Fossil Fuel’s Dominance in 2024
The energy sector will go through dynamic changes in 2024. This is due to the rapid growth of the clean energy transition in the energy sector. Hence, renewables like wind and solar energy are gaining momentum in the market. However, fossil fuels…
Global Economy Attains Stability, may Affect Consumers Behavior
The global economy faces new challenges in 2024 that economically represent both positive and negative aspects. According to survey data, the global economy will stabilize for the first time in three years. The world economy will experience economic…
Aarti Dhapte
Team Lead - Research
Latest News
German Companies’ Joint Venture to Boost Large Scale Storage in 2024
Consumers Behavior Makes Food and Beverage Companies World Leaders in FMCG Rankings
Need of More Renewable’s Growth to Replace Fossil Fuel’s Dominance in 2024
Global Economy Attains Stability, may Affect Consumers Behavior
