Coalition partners with HDI Global Specialty SE to boost cyber capacity in Canada

Coalition partners with HDI Global Specialty SE to boost cyber capacity in Canada | Insurance Business Canada

Cyber

Coalition partners with HDI Global Specialty SE to boost cyber capacity in Canada

Specialty insurer to join cyber and technology E&O panel next year

Cyber risk management and insurance provider Coalition has partnered with HDI Global Specialty SE to boost its cyber capacity in Canada.

HDI’s specialty insurer will become part of the Canadian cyber and technology E&O panel, assuming a quota share on all cyber insurance Coalition offers.

Insurance head Shawn Ram said partnering with a well-established global player like HDI will help Coalition scale its mission to “democratize cyber coverage and protect the unprotected.”

“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,” he said.

Derek Spafford, managing director & chief agent at HDI Global Specialty SE, also commented on the partnership, calling it “our first significant step into the cyber market in 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,” Spafford said.

“Cyber risk is pervasive in modern society,” added Meike Röllecke, head of cyber & financial lines underwriting at HDI Global. “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.”

HDI Global Specialty SE will become part of the Coalition panel beginning January 2024. It joins a roster of other global (re)insurers with inked capacity agreements with the company, including Allianz, Arch, Ascot, Fortegra, and Vantage.

Coalition recently reported a 12% increase in cyber claims during the first six months of the year, primarily driven by ransomware and funds transfer fraud (FTF).

What are your thoughts on this story? Feel free to comment below.