Coalition, the Active Insurance provider designed to prevent digital risk before it strikes, has announced a new long-term partnership with HDI Global Specialty SE, the specialty insurance carrier.
Beginning in 2024, HDI Global Specialty will join Coalition’s Cyber and Technology E&O panel in Canada to provide insurance capacity. The insurer will assume a quota share on all cyber insurance products that Coalition provides in Canada, incepting on or after January 1, 2024.
“HDI Global has headquarters in Germany and foreign branches, subsidiaries, and affiliates in more than 175 countries, making them an excellent global partner as Coalition continues to expand our offerings worldwide,” commented Shawn Ram, Coalition’s Head of Insurance. “HDI is a well-established global player, and we are thrilled to have them as a partner as we continue to scale our mission to democratize cyber coverage and protect the unprotected.”
HDI Global Specialty joins a well-respected group of global (re)insurers that have signed capacity deals with Coalition, including Allianz, Arch, Ascot, Fortegra, and Vantage. Coalition also announced the formation of a dedicated $300M reinsurer, Ferian Re, in partnership with BDT Capital Partners.
“This new partnership with Coalition marks our first significant step into the cyber market in Canada”, says Derek Spafford, Managing Director & Chief Agent of HDI Global Specialty SE Canada. “We are excited to join forces with such an established partner that has in only a few years already become a leader in the Canadian cyber insurance market.”
Meike Röllecke, Head of Cyber & Financial Lines Underwriting at HDI Global explains:
“Cyber risk is pervasive in modern society. With our cyber team, we seek out partners who we really feel are driving the industry forward and support organizations in their cyber improvement journey. We are therefore thrilled to take this first step in our global partnership with Coalition.”