SAN FRANCISCO, Dec. 5, 2017 /PRNewswire/ -- Coalition, the cyber
risk solution co-founded by technology entrepreneurs Joshua Motta and John
Hering, launched today and announced that its new cyber
insurance products are issued and supported by the financial
strength of Swiss Re Corporate Solutions and Argo Group.
Coalition provides a full suite of cybersecurity products for
small to midsize businesses (SMBs) and comprehensive cyber and
technology error & omissions insurance of up to $10 million of coverage. Through Coalition's
online platform, insurance brokers are able to generate a quote in
minutes and also provide their SMB clients with access to
Coalition's proprietary cybersecurity apps that are designed to
detect, manage and mitigate threats.
Coalition's team includes technology entrepreneurs and
executives that helped build Cloudflare, Lookout and OpenDNS,
former members of the US Intelligence Community and cyber insurance
innovators. Their combined expertise puts Coalition in a
unique position to understand and address today's cyber risk
challenges.
"Cybersecurity is broken," said Motta, CEO of Coalition. "We've
experienced first-hand the difficulty of protecting an organization
from constantly evolving cyber and technological threats. From
systems failure to hacking, human error to denial of service
attacks, no amount of investment in defenses has solved the
problem. Our insurance-enabled, technology-driven platform
addresses these risk management gaps for SMBs to help them prevent
losses and remain resilient should the worst come to pass."
To tackle a growing set of technological risks faced by
businesses, Coalition is introducing two of its own proprietary
insurance products—one for cyber and one for technology errors
& omissions—to address emerging risks such as social
engineering, systems failure, internet of things (IoT) devices, and
even physical cyber attacks.
"Unlike other cybersecurity firms, Coalition shares its
customers' financial incentive to prevent and mitigate losses,"
said Motta. "We are fortunate to join forces with two insurance
industry leaders – Swiss Re Corporate Solutions and Argo – who
support our vision for harnessing the best cyber expertise with the
safety of insurance to provide the first truly holistic approach to
cyber risk."
Coalition will use the insurance backing from these leading
firms to accelerate its rapid customer growth, provide innovative
insurance products to meet the demands of SMBs, and expand its
offering of cybersecurity tools and services.
"Coalition's ability to deliver security tools and services
directly to insureds will help clients secure their network and
reduce the chance of a breach," said Richard DePiero, Head of Cyber & Technology
North America at Swiss Re Corporate Solutions. "Their unique
ability to help customers before, during, and after an incident
makes it a powerful offering when combined with the insurance
backing and claims commitment of Swiss Re Corporate Solutions."
"Coalition offers the most innovative and comprehensive coverage
available in the SMB market and we're excited about the opportunity
to partner with this impressive team of cybersecurity leaders,"
said Simon White, Senior Vice
President, Head of Cyber at Argo Group. "Coalition's highly
differentiated insurance offerings complement and add tremendous
value to standard business insurance policies."
Through Coalition's risk management apps, businesses can easily
access and configure threat and intelligence alerts, ransomware and
denial of service protection, and patch and vulnerability
notifications without any complex setup or configuration.
"For the majority of business owners, cybersecurity is simply
too expensive and complex," said Hering, co-founder of Coalition.
"We believe that cybersecurity should be a public good, and we
intend to democratize access to the technology SMBs need to manage
cyber risk."
To learn more about Coalition's mission, go to
https://blog.thecoalition.com/why-we-founded-coalition.
About Coalition
Coalition, Inc., the cyber risk
solution from Joshua Motta and
John Hering, combines comprehensive
insurance and proprietary security tools to help businesses manage
and mitigate cyber threats. Founded in March
2017 and headquartered in San
Francisco, its proprietary apps provide automated alerts,
threat intelligence, expert guidance and recommendations,
benchmarking and ongoing monitoring tools to help businesses remain
resilient in the face of cyber risk. Coalition provides companies
with up to $10M of insurance coverage
backed by A+/A rated insurers Swiss Re Corporate Solutions and Argo
Group, and is currently available in all 50 states and the
District of Columbia. For more
information about Coalition, visit www.thecoalition.com or follow
us on Twitter @SolveCyberRisk.
About Swiss Re Corporate Solutions
Swiss Re Corporate
Solutions provides risk transfer solutions to large and mid-sized
corporations around the world. Its innovative, highly customized
products and standard insurance covers help to make businesses more
resilient, while its industry-leading claims service provides
additional peace of mind. Swiss Re Corporate Solutions serves
clients from over 50 offices worldwide and is backed by the
financial strength of the Swiss Re Group. Swiss Re Corporate
Solutions offers products through carriers that are allowed to
operate in the relevant type of insurance or reinsurance in
individual jurisdictions. For more information about Swiss Re
Corporate Solutions, please visit corporatesolutions.swissre.com or
follow us on Twitter @SwissRe_CS.
About Argo Group
Argo Group International Holdings,
Ltd. (NASDAQ: AGII) is an international underwriter of specialty
insurance and reinsurance products in the property and casualty
market. Argo Group offers a full line of products and services
designed to meet the unique coverage and claims handling needs of
businesses in two primary segments: U.S. Operations and
International Operations. Argo Group's insurance subsidiaries are
A. M. Best-rated 'A' (Excellent) (third highest rating out of 16
rating classifications) with a stable outlook, and Argo Group's
U.S. insurance subsidiaries are Standard and Poor's-rated 'A-'
(Strong) with a stable outlook. More information on Argo Group and
its subsidiaries is available at www.argolimited.com.
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SOURCE Coalition, Inc.