US-based cyber insurtech firm Coalition has obtained $250m in a Series F funding round, boosting its valuation from $3.5bn to $5bn.
The company aims to use the capital to support its growth, expand globally as well as enhance existing services to help businesses manage their digital risk.
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The latest fundraising saw the participation of Allianz X, Valor Equity Partners, Kinetic Partners and other existing investors of the company.
Coalition CEO and co-founder Joshua Motta said: “Many organisations remain unprotected in the face of rising digital threats, and neither traditional insurance nor cybersecurity alone is well equipped to help them.
“Our active approach to underwriting, monitoring, and responding to digital risk has allowed Coalition to achieve market leading underwriting results while demonstrably reducing claims and losses for our customers so they can continue to thrive in the digital economy.”
Coalition’s Active Insurance approach is designed to incorporate cybersecurity tools, constant digital forensics and incident feedback as well as insurance coverage to allow businesses to recognise, alleviate, and insure digital risk.
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By GlobalDataThe company currently provides services including active cyber insurance, active executive risks insurance, P&C insurance, and cybersecurity solutions to more than 160,000 customers.
It has teamed up with brokers across 50 US states to offer active cyber and active executive risks insurance. Coalition also provides active cyber insurance service across Canada.
Last month, the company announced a new multi-year capacity partnership with Allianz Group to introduce its UK active cyber programme later this year.
Allianz X CEO Nazim Cetin said: “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.
“The trends driving the importance of cyber defence are irreversible. We see an active approach as the most effective solution for addressing cyberthreats to businesses both now and in the future.”
