Swiss Re Corporate Solutions, the commercial insurance unit of the Swiss Re Group, and Coalition, a provider of cyber insurance and security, have extended their strategic agreement to offer broad cyber insurance and technology errors & omissions insurance to small and midsize firms in the US and Canada.

This multi-year agreement comes following the growth of Coalition’s insurance programmes and security services in the US and Canada.

In the last two years, Coalition has increased to more than $240m of run-rate gross written premium (GWP) and caters to over 41,000 customers.

Coalition’s profitable growth is claimed to be a result of its data-driven approach to underwriting, monitoring of insureds’ risks, and efficient claims management along with an in-house incident response capability.

Swiss Re Corporate Solutions SVP Sandy Codding said: “Coalition offers a novel approach to managing, mitigating, and transferring cyber risk, and it’s working as evidenced by their tremendous growth over the past three years.

“We are committed to supporting Coalition’s mission to solve cyber risk, and with this new agreement we’ve solidified our alliance for the long-term.”

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Coalition head of insurance Shawn Ram said: “We’re pleased to deepen our collaboration with Swiss Re Corporate Solutions, and share their commitment to building creative solutions that make businesses more resilient.

“Cyber attacks and technology failures can be devastating to organizations large and small, and we’ve never been in a better position to provide our broker partners and policyholders with the stability and security necessary to protect themselves from cyber risk.”