Coalition enters capacity agreement with Aspen for US support

Coalition, an active cyber insurance provider, has entered a long-term capacity agreement with Aspen Specialty Insurance Company to deploy cyber insurance capacity in the US.

Through this agreement, Aspen will assume a share of Coalition’s US surplus lines cyber program this year, beginning on or after April 1, 2024.

Shawn Ram, Head of Insurance at Coalition, said: “Coalition continues to see robust interest in our innovative and profitable Active Insurance model. We continue consolidating capacity in the market because of our industry-leading underwriting results and capabilities. We’re thrilled to have Aspen join our US panel of capacity partners and continue providing outstanding cyber coverage to our policyholders.”

Aspen’s partnership with Coalition to provide support in the US follows its existing support in the UK and Canada. With McGill & Partners acting as brokers of the most recent capacity deal.

“As the global cyber insurance market continues to grow, we remain committed to bringing clarity to this increasingly complex and critical risk. At Aspen, we view ourselves as more than a policy provider, working closely with our clients to add value to their businesses and mitigate the impact of claims,” Bobby Bianconi, Global Head of Cyber at Aspen, commented.

Adding: “We’re delighted to be partnering with Coalition, whose data-driven approach to cyber risk has shown to be effective in assessing, detecting, and resolving claims. This agreement complements our evolving risk management program and services, and we’re excited to see how we can further enhance our insureds’ resilience to cyber risks by leveraging both our company’s combined technical expertise.”

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