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Coalition Introduces Active Cyber Insurance in Germany

By: via Business Wire

With Capacity Provided by Allianz, Coalition Now Offers its Innovative Cyber Insurance Solution to German Businesses

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today announced the launch of its innovative Active Cyber Insurance in Germany through its subsidiary, Coalition Insurance Solutions GmbH. Coalition’s offerings became available on August 1, 2024.

According to the Federal Financial Supervisory Authority (BaFin)’s 2024 Risks in Focus Report, cyber-attacks and IT system breakdowns are among the top threats to German businesses. German businesses can now benefit from Coalition’s innovative Active Cyber Insurance, which is designed to help businesses spot, mitigate, and respond to emerging cyber threats. Active Cyber Insurance does more than help businesses mitigate financial losses; it offers policyholders access to cybersecurity tools to help them better understand their risks, strengthen their defenses, and prevent future attacks.

“German businesses are frequently targeted by cyber-attacks, forcing them to spend significant time and resources dealing with the aftermath,” said Joshua Motta, Coalition’s Chief Executive Officer and co-founder. “Active Cyber Insurance doesn’t just provide a safety net; it empowers businesses to actively defend against these cyber threats. We’re excited to expand this unique solution to Germany in our quest to protect more organizations worldwide.”

Coalition now offers insurance products in Germany with capacity provided by Allianz Global Corporate & Specialty SE in a multi-year agreement. Coalition’s Active Cyber Insurance is available to businesses with up to €1 billion in revenue on a primary basis, with no minimum premium requirement. Coalition’s Excess Cyber Insurance product is expected to be available in early 2025.

“As our Allianz Risk Barometer 2024 has shown again: cyber risks are among the biggest threats to companies worldwide,” said Michael Furtschegger, Allianz Commercial’s Regional Managing Director, Germany & Switzerland. “We are now complementing our established cyber product for complex risks of all kinds and multinational requirements with Coalition's Active Insurance market offering. This enables us to provide our German customers with even better support in managing their cyber risks in a targeted manner, recognising losses quickly and, in the best case, avoiding them altogether.”

Allianz’s existing strategic partnership with Coalition includes providing capacity for the company’s U.S., U.K., and Australian cyber insurance programs. Oliver Bäte, Chief Executive Officer of Allianz SE, joined the company’s Board of Directors in November 2023.

“The German cyber insurance market faces significant challenges, including a shortage of skilled cyber experts, difficulties in calculating premiums, and a lack of data,” said Martin Swider, Coalition's Head of Business Development, Germany. “Coalition’s data-driven approach to underwriting and risk management is well-suited to tackle these issues, helping brokers and their clients achieve comprehensive cyber coverage.”

Coalition offers a streamlined quoting process through its end-to-end platform, allowing brokers to generate bindable quotes in minutes. Coalition also provides extensive training materials and resources to help brokers advise their clients on cyber risk.

Through Coalition’s cyber risk management platform, Coalition Control®, policyholders receive ongoing alerts about vulnerabilities and cyber threats. This continuous monitoring helps identify risks before they lead to incidents and business disruptions. If an attack occurs, Coalition’s claims and incident response teams will be available to help businesses quickly recover and resume normal operations.

Brokers in Germany can start quoting now by submitting requests directly to Coalition’s expert underwriting team at help@coalitioninc.de. For more information about Coalition and Active Insurance, visit: https://www.coalitioninc.com/de.

Coalition Insurance Solutions GmbH is registered in Eschborn, Germany, and will continue expanding its local German workforce in multiple cities. To learn about open positions, visit: https://www.coalitioninc.com/careers.

About Coalition

Coalition is the world's first Active Insurance provider designed to help prevent digital risk before it strikes. By combining comprehensive insurance coverage and cybersecurity tools, Coalition helps businesses manage and mitigate potential cyberattacks. Leveraging its relationships with leading global insurers and capacity providers, including Coalition Insurance Company, Coalition offers Active Insurance products to businesses in the U.S., the U.K., Canada, and Australia. Policyholders can receive automated cyber alerts and access expert advice and global third-party risk management tools through Coalition's holistic cyber risk management platform, Coalition Control®.

Insurance cover is issued by German entity, Coalition Insurance Solutions GmbH (“CIS DE”) (HRB 133708) (Vermittlerregisternummer D-JEO5-724A4-24), an insurance agent cooperating in the German market with Allianz Global Corporate & Specialty SE, (HRB 208312). This information with regard to the cyber insurance products provided herein is of a general nature only and does not take into account any person’s particular circumstances. All descriptions of coverage are subject to the terms, conditions, and exclusions of the individual policy. Before making a decision (or advising your client), please refer to the relevant applicable policy or by contacting your broker. CIS DE may receive remuneration from an insurer. See imprint and disclaimers. Copyright © 2024. All rights reserved. Coalition and the Coalition logo are trademarks of Coalition, Inc.

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