Coalition, the Active Insurance provider designed to prevent digital risk before it strikes, announced a new $30 million equity investment from Mitsui Sumitomo Insurance Co., Ltd. (MSI), a member of MS&AD Insurance Group (MS&AD), the non-life insurer in Japan and across the Asian-Pacific region.
The investment anchors a partnership aimed at bringing Active Insurance to businesses worldwide and “allows MSI to participate in more markets and as a shareholder.”
Tomoyuki Motoyama, Chief Digitalization Officer at MS&AD said:
“Coalition has true differentiation as a trusted partner to its policyholders, security customers, and the insurance ecosystem. Both of our companies value and prioritize innovation as the foundation of the cyber insurance market, and we are thrilled to continue deepening our relationship as a long-term Coalition equity holder.”
Joshua Motta, cofounder and CEO at Coalition said:
“MS&AD is one the most respected and established insurers in the world, and we are thrilled to expand our partnership with them. With their support, we are uniquely positioned to scale our Active Insurance model and solidify our position as the global leader in cyber insurance. Together, we will deliver our unparalleled approach to risk prevention and mitigation to businesses of all sizes and industries worldwide, ensuring they have the protection they need in an increasingly digital world.”
The funding agreement reportedly builds on the companies’ partnership, which includes “a multi-year capacity agreement in Australia between Coalition and MSI and a collaboration on cybersecurity solutions for small and midsize businesses (SMBs) in Japan via its cyber risk management platform, Coalition Control.”
As noted in the update, Coalition explains that it is the Active Insurance provider designed to “help prevent digital risk before it strikes.”
By combining insurance coverage and cybersecurity tools, Coalition helps businesses “manage and mitigate potential cyber attacks.”
Leveraging its relationships with insurers and capacity providers, including Coalition Insurance Company, Coalition says it “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.”
As mentioned in the announcement, MS&AD Insurance Group Holdings, Inc. is the insurance holding company of the new Group “formed in April 2010 through the merger of Aioi Insurance Co., Ltd., Nissay Dowa General Insurance Co., Ltd., and Mitsui Sumitomo Insurance Group.”
The purpose of MS&AD Insurance Group is to focus on achieving “sustainable growth and to enhance enterprise value through the creation of an insurance and financial services group that operates globally by improving quality and expanding its operating presence and corporate resources.”
