Arch Insurance and Coalition to partner on cyber programs using advanced analytics capabilities
NEW YORK–(BUSINESS WIRE)–
Arch Insurance North America, part of Arch Capital Group Ltd., and Coalition, the leading provider of cyber insurance and security, today announced a multi-year partnership that provides Coalition with long-term capacity for its U.S. and Canada Cyber and Technology Errors & Omissions insurance programs on Arch Insurance North America’s A.M. Best A+ rated carriers.
“Arch is committed to leveraging advanced analytics to change the way we understand risk and protect businesses. We’re excited to work with Coalition, which is using its data-driven approach to insure cyber risk,” said Jay Rajendra, Arch’s Chief Strategy and Innovation Officer. “Their analytics-based approach and superior in-house cyber security services are compelling reasons for us to support their ongoing mission to solve cyber risk. Our partnership with Coalition is an excellent complement to Arch’s existing cyber insurance product offerings.”
The partnership with Arch will support Coalition’s rapid growth. Over the past year, Coalition has grown to over $150 million of run-rate gross written premium (GWP) and serves more than 41,000 organizations. Coalition has experienced consistently profitable growth as a result of its unique approach to underwriting, continuous monitoring of insureds’ risks and efficient claims management through its in-house incident response team.
“Our partnership with Arch reinforces our commitment to providing businesses with the most comprehensive insurance available, now backed by the financial strength of multiple A.M. Best A+ rated insurers,” said Joshua Motta, co-founder and CEO of Coalition. “Equally important, we are pleased to welcome a partner that shares our desire to use data and technology to better protect businesses. We look forward to collaborating with Arch to develop new and advanced predictive analytics capabilities that improve our products and that better address the greatest risks companies face today.”
About Arch Insurance North America
Arch Insurance North America, part of Arch Capital Group Ltd., includes Arch’s insurance operations in the United States and Canada.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $15.8 billion in capital at Dec. 31, 2020, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
Coalition is the leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by leading global insurers Swiss Re Corporate Solutions, Arch Capital Group Ltd., Lloyd’s of London, and Argo Group, Coalition provides companies with up to USD $15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia, as well as CAD $20M of coverage across 9 provinces and 3 territories in Canada. Coalition’s cyber risk management platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks. Headquartered in San Francisco, Coalition has presences in New York, Los Angeles, Chicago, Dallas, Washington DC, Miami, Atlanta, Denver, Austin, Vancouver, and Toronto.
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries may include forward-looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements.
Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or their negative or variations or similar terminology. Forward-looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and the Company’s ability to maintain and improve its ratings; investment performance; the loss of key personnel; the adequacy of the Company’s loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events, including pandemics such as COVID-19; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; the Company’s ability to successfully integrate, establish and maintain operating procedures as well as consummate acquisitions and integrate the businesses the Company has acquired or may acquire into the existing operations; changes in accounting principles or policies; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; availability and cost to the Company of reinsurance to manage the Company’s gross and net exposures; the failure of others to meet their obligations to the Company; changes in the method for determining the London Inter-bank Offered Rate (“LIBOR”) and the potential replacement of LIBOR and other factors identified in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”).
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Source: Arch Insurance North America
Arch Capital Services LLC
Source: Arch Capital Group Ltd.