Home > News > Top Stories > Coalition Launches Captive to Accelerate its Growth in Cyber Insurance

Data Security

Coalition Launches Captive to Accelerate its Growth in Cyber Insurance

Coalition, the world's largest commercial insurtech provider, today announced it will launch a new captive to begin taking risk on its cyber insurance programs. With this captive, Coalition will enhance its ability to manage capacity and its long-term growth objectives while further aligning incentives with its customers.

Coalition's technology-driven approach is powering a new, more successful model of risk management, which has resulted in policyholders experiencing 70% fewer cyber claims when compared to other carriers in the market. In 2021, the success of Coalition's underwriting model was validated by long-term capacity agreements from multiple A+ rated carriers. Coalition has delivered superior claims results amidst significant growth as it crosses $400M in run rate premium, an 800% increase over the prior year.

"Today's announcement demonstrates our unwavering commitment to protecting businesses from cyber risk, and our confidence in Coalition's approach to underwriting and risk management,Coalition provides businesses with the most comprehensive insurance available backed by the financial strength of multiple A+ rated insurers. With our new captive, we add another layer of security and stability, and more closely align our financial incentives with our customers."

Shawn Ram, Head of Insurance at Coalition

Dovid Tkatch, Coalition's recently appointed Head of Insurance Infrastructure and Actuarial Science, will support development of the captive as well as oversee pricing, reserving, capital requirements, and regulatory compliance.

Coalition's broker platform integrates real-time security, financial, regulatory, and transactional data to create a seamless quoting experience where brokers can generate bindable quotes in just 5 minutes. Today Coalition serves over 130,000 customers with digitally-powered insurance that can leverage vast amounts of data to assess, mitigate, and measure risk for businesses.

About Coalition

Coalition is the leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by leading global insurers Swiss Re Corporate Solutions, Arch Insurance, Lloyd's of London, and Zurich North America, Coalition provides companies with up to USD $15 million of cyber and technology insurance coverage in the United States, CAD $20M of coverage in Canada, and up to USD $5 million of D&O and EPL coverage in the United States. Coalition's cyber risk management platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks.

Spotlight

More featured news

Spotlight

Related News

Cloud Security

Palo Alto Networks Announces Intent to Acquire Cloud Security Start-up Dig Security

PR Newswire | November 01, 2023

Palo Alto Networks (NASDAQ: PANW), the global cybersecurity leader, today announced that it has entered into a definitive agreement to acquire cloud security start-up Dig Security, an innovative provider of Data Security Posture Management (DSPM). Today, almost 70% of organizations already have data stored in the public cloud1. With increased interest and adoption of generative AI, sensitive data is often even more spread out across cloud services, including distributed databases, vector databases, PaaS services, and more. Organizations need help identifying sensitive data, effectively managing user access, and implementing robust security measures to protect against internal and external threats. Simultaneously, the relentless surge in the volume and impact of cloud data breaches persists2, causing significant damage to enterprises. This underscores the critical role that DSPM will play within a comprehensive cloud security strategy. Dig's DSPM solution enables organizations to discover, classify, monitor, and protect sensitive data across all cloud data stores, which will give Palo Alto Networks' customers visibility into and control of their multi-cloud data estate. After the close of the proposed acquisition, Dig's capabilities will be seamlessly integrated into the Prisma® Cloud platform to provide near real-time data protection from code to cloud. Dig was founded by entrepreneurs Dan Benjamin, Ido Azran, and Gad Akuka. They will continue leading their teams in joining the Prisma Cloud team at Palo Alto Networks after closing. Lee Klarich, Chief Product Officer for Palo Alto Networks: "As companies build AI-enabled applications, there will be a substantial increase in the amount of data transferred to the cloud. Dig's highly innovative DSPM technology helps safely enable this shift, and its dedicated team will complement and help advance Palo Alto Networks' strengths across cloud security. The announcement of our intent to join forces with Dig reinforces our longstanding commitment to our team in Israel and to continue growing our footprint with its talented and dedicated cybersecurity professionals." Ankur Shah, SVP Products, Prisma Cloud for Palo Alto Networks: "Data protection was the top priority for cloud security cited in the 2023 The State of Cloud-Native Security Report. Upwards of 75% of respondents noted that the number of point tools they use creates blind spots. Dig lets security teams see and secure their data across multi-cloud environments. This visibility and security is becoming increasingly important in the age of generative AI. Dig's innovation, coupled with Prisma Cloud's leading code-to-cloud intelligence highlighted in the recent Darwin release, will create what CISOs need to drive complete cloud security and data protection with a single, integrated, cloud-native platform." Dan Benjamin, Co-Founder & CEO, Dig Security: "Modern cloud applications leverage a broad set of data stores to meet the complex needs of businesses. We developed an award-winning DSPM solution to alleviate this strain by providing a centralized offering to monitor and manage the security of these cloud data stores. Integrating Dig's technology with Prisma Cloud will enable customers to effectively manage the security of their diverse data stores in modern cloud applications and reduce the risk of data breaches. My co-founders and I look forward to continuing our innovation journey with Palo Alto Networks to make the world safer."

Enterprise Security

Honeywell Uses Quantum Computing Encryption to Protect Utility Data

Honeywell | September 11, 2023

Honeywell has announced that it's the first company to incorporate quantum-computing-hardened encryption keys into smart utility meters, protecting end-user data from advanced cybersecurity threats. Quantinuum's Quantum Origin provides an advantage over conventional solutions by generating keys with quantum-computing-enhanced randomness. Honeywell's new Smart Energy and Thermal Solution products powered with Quantum Origin are now available to North American and European customers. Honeywell recently made a groundbreaking announcement that it is the first company to incorporate quantum-computing-hardened encryption keys into smart utility meters, a move that provides advanced protection for end-user data against cyber threats. To achieve this, Honeywell will leverage Quantinuum's Quantum Origin technology to not only enhance data security but also contribute to building greater reliability and trust in the evolving utility sector. The enhanced security utility meters establish a new standard for safeguarding against data breaches and ensuring the uninterrupted operation of water, gas, and electricity utility infrastructure for both commercial and residential applications. Quantinuum's Quantum Origin provides an advantage over conventional solutions by generating keys with quantum-computing-enhanced randomness, thereby rendering them truly unpredictable and substantially enhancing the data security of utilities' end users. No other organizations in the smart meter market presently offer quantum-hardened encryption protection. The incorporation of this technology into Honeywell's Smart Energy and Thermal Solutions' products will assist in addressing the industry's expanding data security requirements, especially as they pertain to critical infrastructure. President of Smart Energy and Thermal Solutions at Honeywell, Hamed Heyhat, said, By integrating Quantinuum's quantum-computing-hardened encryption technology into our smart meters, we are advancing data security for our customers and helping to shape the dialogue on how the utility industries should approach cybersecurity in the quantum era. [Source – Cision PR Newswire] Hamed Heyhat emphasized the significance of continuous innovation in enabling customers to stay ahead of the ever-changing threat landscape. It was noted that such a level of protection is crucial in our progressively digital and interconnected world. Tony Uttley, President and COO of Quantinuum, mentioned, Our work with Honeywell demonstrates the importance of using the power of today's quantum computers to create a more resilient cyber infrastructure to better protect customers. [Source – Cision PR Newswire] Smart Energy and Thermal Solution products from Honeywell with Quantum Origin are now available to North American and European customers. The collaboration will strengthen Honeywell's position as an industry-leading provider of innovative and secure solutions for the utilities industry.

Software Security

SAIC Announces New Zero Trust Edge Capability

Business Wire | November 03, 2023

Science Applications International Corp. (NYSE: SAIC) today announced new, purpose-built Zero Trust security capabilities, which provide a solution to answer the Zero Trust pillars addressing data, identity, devices, networks, applications and workloads. The new Zero Trust security capabilities have been tested and validated on an AWS Snowball Edge and AWS Snow Family device with on-board storage and compute power for select Amazon Web Services (AWS) capabilities. AWS Snowball Edge can support local processing and edge-computing workloads in addition to transferring data between a user’s local environment and AWS. SAIC has brought together the best-in-class tools to deliver a mission-ready Zero Trust Edge capabilities that provides multi-level secure data processing and analytics and prioritizes data in a DDIL environment to transport back to the cloud, said Lauren Knausenberger, chief innovation officer at SAIC. This provides warfighters with a critical capability to extend their enterprise OCONUS, with the ability to run disconnected ops and rapidly adopt technologies and capabilities needed for mission success. This capability has the potential to be a critical enabler for Combined Joint All-Domain Command and Control (JADC2), with the ability to deploy at forward operating bases, on air platforms and at sea. Through the combined efforts of AWS; SAIC; Koverse, an SAIC company; Okta; CrowdStrike; Zscaler and Splunk, ready-to-install cybersecurity and Zero Trust technologies combine data and provide multi-level security from the edge through the enterprise. This capability meets the challenges of Wide Area Network (WAN) or no WAN connectivity by enabling offline compute capabilities and replicates mission-critical data after connectivity is restored. These components of software and hardware allow the capabilities to address the five pillars of the Zero Trust Maturity Model and therefore help increase cybersecurity posture at the edge. SAIC is an industry leader in cloud and cybersecurity, addressing Zero Trust security capabilities, including the latest capabilities which have been validated and tested on an AWS Snowball Edge device.