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August 16, 2022

Cyber insurer Coalition buys Digital Affect from Munich Re

US-based cyber insurance company Coalition has secured the regulator’s nod and completed the acquisition of Digital Affect Insurance Company. 

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Coalition did not divulge the financial details of the deal. 

Digital Affect was acquired from Munich Re Digital Partners US, a Munich Re company. It is a property and casualty insurer with authorisation to operate in all states of the US.

Coalition hopes to leverage the deal to offer insurance policies via its admitted insurance carrier. 

Currently, the firm offers cyber, technology errors & omissions, directors and & officers, and other executive risk solutions via partnerships with Allianz, Ascot Group, Lloyd’s of London, Swiss Re and Zurich

Coalition head of insurance Shawn Ram said: “This strategic move empowers Coalition to expand the reach of our market-leading active cyber insurance offering together with other admitted insurance products.

“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.” 

Last month, the cyber insurtech raised $250m in a Series F funding round at a $5bn valuation. 

The round was joined by Allianz Group’s digital investments arm Allianz X, Valor Equity Partners, Kinetic Partners and other existing investors.

Before that, Allianz and Coalition formed a multi-year alliance on cyber insurance programmes in the US and the UK. 

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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