New Long-term Capacity Agreement Combines the Established Strength of The Hartford in the Cyber Market with Coalition's Unique Approach to Helping Businesses Prevent Exposures Before They Become Disruptions
The Hartford and Coalition have announced a strategic, long-term capacity partnership in response to growing customer and broker demand for Coalition's unique Active Cyber Insurance approach in the U.K. market.
"We continue to capitalize on the strengths of The Hartford and our London operations, securing new opportunities to meaningfully grow our International business and footprint," said Carl Bach, Head of The Hartford's International Business. "Drawing on our deep expertise underwriting cyber in the U.S. market, we recognize the innovative model of active insurance that Coalition possesses, designed to help businesses identify and mitigate cyber risk before it becomes a disruption. We look forward to partnering with Coalition to serve more customers and brokers in the U.K. for years to come."
As part of the agreement, The Hartford is assuming a quota share of Coalition's U.K. cyber program, in addition to the insurance provider's existing capacity partner relationships.
"We are thrilled to have The Hartford join our panel of capacity partners and support our efforts to continue providing outstanding cyber coverage to our policyholders," commented Shawn Ram, Coalition's Head of Insurance. "Coalition continues to see robust interest in our innovative and profitable Active Insurance model in the U.K., which has disrupted the standard approach to cyber insurance and offered businesses a way to manage their risk as it evolves."
About Coalition
Coalition is the world's first Active Insurance provider designed to help prevent digital risk before it strikes. By combining comprehensive insurance coverage and cybersecurity tools, Coalition helps businesses manage and mitigate potential cyber attacks. Leveraging its relationships with leading global insurers and capacity providers, including Coalition Insurance Company, Coalition offers Active Insurance products to businesses in the United States, the United Kingdom, Canada, Australia, and Germany. Policyholders can receive automated cyber alerts and access expert advice and global third-party risk management tools through Coalition's holistic cyber risk management platform, Coalition Control®.
The descriptions contained in this communication are for preliminary informational purposes only. Coalition is a trading name of Coalition Risk Solutions Ltd., which is an appointed representative of Davies MGA Services Limited, a company authorised and regulated by the Financial Conduct Authority (FCA), registration number 597301, to carry on insurance distribution activities. You may check this on the FCA register by visiting the FCA website www.fca.org.uk. Coalition Risk Solutions Ltd. is registered in England and Wales: company number 13036309. Registered office: 34-36 Lime Street, London, United Kingdom, EC3M 7AT. Copyright ©2024. All rights reserved. Coalition and the Coalition logo are trademarks of Coalition, Inc.
About The Hartford
The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com.
The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. For additional details, please read The Hartford's legal notice.
HIG-GS
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our 2023 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
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Contacts:
The Hartford Media Contact:
Saverio Mancini
Saverio.mancini@thehartford.com
Coalition Media Contact:
Marisa Graves
press@coalitioninc.com
