Coalition, a 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 own carrier. The company currently offers coverage like cyber, technology errors & omissions, D&O and other executive risk policies through partnerships with carriers like Allianz, Swiss Re, Vantage and Zurich.
"This strategic move empowers Coalition to expand the reach of our market leading active cyber insurance offering together with other admitted insurance products," said Shawn Ram, head of insurance for Coalition, in a press release. "The acquisition is a natural next step in our evolution and will allow us to better serve our broker partners and customers, while continuing to push the boundaries of innovation in cyber insurance, executive risks insurance, and beyond."
Coalition closed a $250 million Series F funding round in June. The participants included Allianz X, Valor Equity Partners, Kinetic Partners and others. The round values the company at $5 billion.
Coalition's Active Insurance tools include digital forensics and incident response.
"Coalition's active, tech-based approach to cybersecurity and cyber insurance has proven to be profoundly effective, which is also reflected in its outstanding business results," said Dr. Nazim Cetin, CEO of Allianz X, in a press release announcing the recent funding. "The trends driving the importance of cyber defense are irreversible. We see an active approach as the most effective solution for addressing cyberthreats to businesses both now and in the future."
