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Allianz, Coalition partner on cyber programs

cyber risk

Allianz SE said Thursday it has started a multiyear partnership with insurtech Coalition Inc., a managing general agent specializing in cyber risk.

Allianz said in its statement it will provide San Francisco-based Coalition with long-term committed capacity for its U.S. cyber programs and lead Coalition’s U.K. cyber program when it launches later this year.

Information on the amount of capacity was not provided.

Coalition said in April it was receiving an undisclosed amount of additional capacity from a unit of Bermuda-based Vantage Group Holdings Ltd. to back its U.S. excess cyber program.

It had previously announced that Ascot Group would back its U.S. primary surplus lines cyber program through Ascot Specialty Insurance Co.