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Cyber security firm Coalition Inc. is introducing two proprietary insurance products for cyber and technology errors and omissions as a managing general agent for Swiss Re Ltd. and Argo Group International Holdings Ltd.
San Francisco-based Coalition said it will offer limits of up to $10 million for comprehensive cyber and technology E&O insurance for companies with $250 million or less in annual revenues, co-founder and CEO Joshua Motta said Monday.
The business will be written on a quota share basis, with Swiss Re unit Swiss Re Corporate Solutions Ltd. assuming 51% of the risk, and Argo Group the remaining 49%, said Mr. Motta.
The MGA, whose co-founder is John Hering, was founded in March. The 13-employee firm includes insurance head Shawn Ram, formerly executive managing director, Western regional manager and national technology practice leader at Crystal & Company, said Mr. Motta, whose previous employers include the Central Intelligence Agency. Other employees have worked for Google Inc., among other firms, Mr. Motta said.
Mr. Motta said its cyber product includes coverage for physical damage, bodily injury and pollution caused by cyber attacks, “which really fills in a gap that exists” between cyber and property coverage. The coverage also provides funds to replace computers damaged by malware, and coverage for funds fraudulently transferred.
The MGA provides prior-acts coverage and can offer business interruption coverage that begins in as short a period as an hour after an attack is detected, he said. He said premiums can be as low as $200 per year. Quotes can be provided from Coalition’s online platform within minutes. Retentions vary.
The firm assists policyholders address their vulnerabilities, Mr. Motta said. “We give away free security tools and services to help companies better protect themselves,” he said.
At-Bay, a startup managing general underwriter for Hartford Steam Boiler Inspection & Insurance Co. that focuses on analyzing and preventing cyber risk, began operations Thursday.