Allianz moves commercial cyber portfolio to Coalition

Allianz has signed a deal to move its commercial cyber insurance business to Coalition.

The deal will see Coalition become Allianz’s exclusive global partner for cyber insurance across all commercial segments and take primary responsibility for pricing, product development, risk mitigation and claims management.

Allianz will also provide long-term insurance capacity to Coalition and access to its distribution channels.

The rollout will proceed in phases, beginning in key collaborative markets, such as the US, the UK, Australia, Germany, Denmark and Sweden, with expansion to additional regions thereafter. 

Chris Townsend, member of the board of management at Allianz SE, said: “The global cyber insurance market is growing and evolving at pace and is a core coverage that is in high demand from our clients.

”Cyber threats differ fundamentally from traditional risks, demanding a dynamic, tech-forward approach to protect our clients effectively.

”Together, we’re building a best-in-class global cyber offering that combines Allianz’s brand, market reach and financial strength with Coalition’s unique data driven platform for underwriting and risk management, underpinning our growth strategy in this important segment.”  

’Consistent solution’

The financial arrangements of the deal include Allianz increasing its equity share in Coalition and performance-based elements linked to the growth and profitability of the cyber business.

Allianz has also committed to further equity investment into Coalition in the future.

Joshua Motta, chief executive and co-founder at Coalition, said: “This milestone agreement underscores our shared vision with Allianz to safeguard organisations against cyber perils.

”By integrating Allianz’s cyber portfolio into our Active Insurance ecosystem and expanding our global alliance, we’re delivering a superior, consistent solution for enterprises of all scales. Over time, we expect this transaction will position Coalition to become the largest writer of cyber insurance globally.”