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Cyber liability managing general agent Coalition Inc. has established Ferian Re, a $300 million Bermuda-based reinsurer, to back its underwriting.
Investment in the Class 3B reinsurer is led by BDT Capital Partners LLC, an affiliate of BDT & Co. LLC, a Chicago-based bank that provides services to family- and founder-owned businesses. Minority investors include The Pritzker Organization LLC, San Francisco-based Coalition said in a statement.
“In conjunction with its launch, Ferian Re commits to participate in Coalition’s cyber insurance programs alongside leading global insurers and reinsurers, including Allianz Group, Arch Insurance North America and Swiss Re Corporate Solutions,” the statement said.
Coalition was formed in 2017. Earlier this year, it bought an admitted insurer, enabling it to issue its own policies, and last month it started operations in London.
The cyber insurance market has seen some of the sharpest increases in pricing over the past year, following a surge in ransomware and other cyber claims during the COVID-19 pandemic, although rate hikes have begun to moderate in recent months.