US-based commercial insurtech provider Coalition has disclosed plans to launch a new captive to begin taking risks on its cyber insurance programs.
The new captive is aimed at enhancing Coalition’s ability to manage capacity and its growth objectives.
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Dovid Tkatch will support the development of the new unit and oversee pricing, reserving, capital requirements, and regulatory compliance.
Coalition recently appointed Tkatch as the head of insurance infrastructure and actuarial science.
Coalition head of insurance Shawn Ram said: “Today’s announcement demonstrates our unwavering commitment to protecting businesses from cyber risk, and our confidence in Coalition’s approach to underwriting and risk management.
“With our new captive, we add another layer of security and stability, and more closely align our financial incentives with our customers.”
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By GlobalDataWith backing from insurers such as Swiss Re, Zurich North America and Arch Insurance, Coalition offers businesses up to $15m of cyber and technology insurance coverage in the US.
Coalition stated that its broker platform integrates security, financial, regulatory, and transactional data to generate bindable quotes in ‘five minutes’.
Coalition’s announcement follows its $205m Series E funding round at a valuation of $3.5bn.
In May this year, the insurer launched an integrated platform for managing risk with free attack surface monitoring and cyber risk assessment.
Last week, Italian insurer Generali joined forces with Accenture, Vodafone on a cyber insurance offering for corporate and SME customers.
