Cyber insurance provider Coalition has announced that it has received regulatory approval and completed the acquisition of Digital Affect Insurance Company from Munich Re Digital Partners US Holding Corporation. Digital Affect Insurance Company is a property and casualty insurer licensed in all 50 states.
The acquisition will allow Coalition to offer insurance policies through its own admitted insurance carrier. Coalition currently offers cyber, technology errors and omissions, directors and officers, and other executive risk policies through partnerships with Allianz, Arch Insurance North America, Ascot Group, Lloyd’s of London, Swiss Re Corporate Solutions, Vantage, Zurich and others.
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“This strategic move empowers Coalition to expand the reach of our market-leading active cyber insurance offering, together with other admitted insurance products,” said Shawn Ram, head of insurance at Coalition. “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.”
The acquisition is the latest among several milestones for the company in 2022. In July, Coalition announced a $250 million investment, boosting the valuation of the company to $5 billion. Earlier this month, Coalition appointed a new general counsel and its first-ever chief financial officer ahead of a planned expansion into the UK.