Insurtech forms captive to take cyber risk

Insurtech Coalition Inc. on Monday said it has formed a Hawaii-based captive insurer to back its cyber insurance programs.

The San Francisco-based managing general agent will use the captive to provide quota share coverage on various excess and surplus lines programs, a Coalition spokeswoman said.

Coalition, which launched in 2017, offers up to $15 million in cyber liability coverage with backing from Swiss Re Corporate Solutions, Arch Capital Group Ltd., Lloyd’s of London syndicates and Zurich North America.

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