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