Active insurance provider Coalition has entered into a long-term partnership with HDI Global Specialty to bolster its presence in the Canadian cyber insurance market.
Coalition specialises in preventing instances of digital risk before it strikes by integrating insurance coverage with cybersecurity tools.
Businesses leverage Coalition’s tools to manage and mitigate potential digital risks.
Under the latest partnership, HDI Global Specialty will join Coalition’s Canadian Cyber and Tech Errors & Omissions (E&O) Panel and deliver insurance capacity starting from 2024.
As the global capacity partner, HDI Global Specialty will also assume a quota share on all of Coalition’s cyber insurance products available across the Canadian market, incepting on/after 1 January 2024.
Currently, HDI Global Specialty’s Canadian branch supports underwriting activities for two main business streams – Delegated Authority and Single Risk businesses.
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In terms of single risk, the company focuses on Professional & Financial Lines, Aviation, Fidelity, Entertainment & Contingency and Crisis Management.
HDI Global Specialty Canada managing director and chief agent Derek Spafford said: “This new partnership with Coalition marks our first significant step into [the] cyber market in Canada.
“We are excited to join forces with such an established partner that has, in only a few years, already become a leader in the Canadian cyber insurance market.”
Apart from HDI Global Specialty, various other global (re)insurers including Allianz, Arch, Ascot, Fortegra and Vantage have established capacity partnerships with Coalition.
Coalition insurance head Shawn Ram said: “HDI Global has headquarters in Germany, and foreign branches, subsidiaries and affiliates in more than 175 countries, making them an excellent global partner as Coalition continues to expand our offerings worldwide.
“HDI is a well-established global player, and we are thrilled to have them as a partner as we continue to scale our mission to democratise cyber coverage and protect unprotected.”