Coalition offers cyber insurance to cover cyberattack-related incidents such as stolen funds, lost business income, ransomware extortion, computer replacements, breach response costs, and even costs related to reputation harm and repair. Coalition offers its services to industries such as healthcare, retail, e-commerce, technology, real estate, energy, manufacturing, the public sector, and even novel industries such as blockchain and cryptocurrency. The company offers insurance with maximum coverage of USD 15 million to companies with up to USD 1 billion in revenue.
Coalition also offers technology errors and omission (E&O) insurance for protection against legal liability resulting from errors in the technology products they sell. It also offers cybersecurity solutions of its own, including an endpoint detection and response platform (EDR), managed services, risk assessment, and staff training services. Coalition combines its cybersecurity offering with its insurance business line to provide threat monitoring and real-time intelligence as well. The company’s managed response teams act as the first line of defense, preventing attacks before they turn into insurance claims while helping companies assess losses and providing additional support during the claims process.
Coalition’s insurance policies are underwritten by insurance giants such as Swiss Re Corporate Solutions, Argo Group, and Lloyds of London, and by September 2021, the company had served over 52,000 customers globally with a gross written premium run rate of USD 325 million, up 800% year-over-year, and employed 265 staff.
In 2019, Coalition acquired internet scanning platform provider BinaryEdge for an undisclosed sum. The acquisition was to allow the company offer policyholders the ability to scan and identify potentially vulnerable devices. The company has also acquired commercial insurance agency Attune Insurance in October 2021 for an undisclosed sum. The acquisition will enable the company to expand the reach of its cyber insurance products through Attune’s insurance marketplace and also leverage its own developments in machine learning and analytics to expand Attune’s product offering over time.
In September 2021, Coalition raised USD 205 million in a Series E funding round that valued the company at USD 3.5 billion—double what it fetched during its Series D in March 2021. The Series E was co-led by Durable Capital, T. Rowe Price, and Whale Rock Capital. The company expects to use the funding to enter into new insurance lines, expand into new markets, and increase its headcount to 315 by the end of the year.
No investor data is available