SAN FRANCISCO--(BUSINESS WIRE)--Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today announced a new long-term partnership with HDI Global Specialty SE, the specialty insurance carrier of HDI Global SE, an A.M. Best A+ rated insurer with over 120 years of experience in offering international insurance. 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 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,” said 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.”
“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,” added Meike Röllecke, Head of Cyber & Financial Lines Underwriting at HDI Global. “We are therefore thrilled to take this first step in our global partnership with Coalition.”
To learn more about HDI Global Specialty’s offerings in Canada, visit: www.hdi.global/en-ca/about-us/locations-contacts/america/canada/contacts-specialty/.
To learn more about Coalition’s offerings in Canada, visit: www.coalitioninc.com/en-ca.
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 digital risks. Coalition offers its Active Insurance products in the U.S., U.K., and Canada through relationships with leading global insurers, as well as cyber capacity through its own carrier, Coalition Insurance Company. Coalition's Active Risk Platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses worldwide remain resilient against cyber attacks. Headquartered in San Francisco, Coalition is a distributed company with a global workforce that collaborates digitally and in office hubs.
Insurance products are offered by Coalition Insurance Solutions Inc. (“CIS”), a licensed insurance producer and surplus lines broker with its principal place of business in San Francisco, CA (Cal. license #0L76155), acting on behalf of a number of unaffiliated insurance companies and available on an admitted basis through Coalition Insurance Company (“CIC”) a licensed insurance underwriter (NAIC #29530). Insurance products offered through CIS and CIC may not be available in all states. CIS may receive compensation from an insurer or other intermediary in connection with the sale of insurance. All decisions regarding any insurance products referenced herein, including approval for coverage, premium, commission, and fees, will be made solely by the insurer underwriting the insurance under the insurer’s then-current criteria. All insurance products are governed by the terms, conditions, limitations, and exclusions set forth in the applicable insurance policy. Please see a copy of your policy for the full terms, conditions, and exclusions. Copyright © 2023. All rights reserved. Coalition and the Coalition logo are trademarks of Coalition, Inc. or its affiliates.
About HDI Global SE (HDI)
As an industrial lines insurer, HDI Global SE (HDI) meets the needs of SMEs, industrial companies and corporate customers with insurance solutions that are specifically tailored to their requirements. In addition to HDI's prominent position in the German and broader European market, the company has access to its own worldwide HDI Global Network covering more than 175 countries through its own HDI foreign branch offices, subsidiaries, affiliated companies, and network partners. Pioneering value-driven insurance solutions globally, HDI Global SE leads roughly 5,000 International Programmes and offers its multinational customers compliant coverage worldwide.
HDI Global SE is a company in the Industrial Lines Division of the Talanx Group and has been a leading insurer for several decades. Approximately 4,500 employees in this division generated insurance revenue (gross) of approx. EUR 8.2 billion in the year 2022 (according to IFRS 17).
The rating agency Standard & Poor’s has given the Talanx Primary Group a financial strength rating of A+/stable (strong). Talanx AG is listed on the Frankfurt Stock Exchange in the MDAX.
About HDI Global Specialty
HDI Global Specialty SE is a specialty lines insurer. It is owned by HDI Global SE, part of the Talanx Group. HDI Global Specialty’s focus is on writing agency and specialty insurance business with operations in 9 locations and access to a global network of more than 175 countries through the HDI Global Network. HDI Global Specialty also enjoys the same financial strength as HDI Global SE.
This news release may include forward-looking statements which are based on certain assumptions, expectations and opinions of the management of Talanx AG and HDI Global SE. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond Talanx AG’s and HDI Global SE’s control, affect our business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialize, actual results, performance or achievements of Talanx AG and HDI Global SE may vary materially from those expressed or implied in the relevant forward-looking statement. Talanx AG and HDI Global SE do not guarantee that the assumptions underlying such forward-looking statements are free from errors, nor do Talanx AG and HDI Global SE accept any responsibility for the actual occurrence of the forecasted developments. Talanx AG and HDI Global SE neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.