Building on their current partnership in the UK and Canada, the agreement calls for Aspen to take over a portion of Coalition's U.S. surplus lines cyber program starting on April 1, 2024.

This collaboration, which was facilitated by McGill & Partners, represents a strategic alignment to handle the expanding complexity and difficulties in the cyber insurance market.

"Coalition continues to see robust interest in our innovative and profitable Active Insurance model," said Shawn Ram, Head of Insurance at Coalition. Because of our underwriting capabilities and outcomes that lead the industry, we keep combining our capacity in the market. We are excited to welcome Aspen to our U.S. panel of capacity partners and to keep offering our clients exceptional cyber coverage.

"As the global cyber insurance market continues to grow, we remain committed to bringing clarity to this increasingly complex and critical risk," stated Bobby Bianconi, Global Head of Cyber at Aspen. Aspen sees itself as more than just an insurance company; we collaborate closely with our clients to enhance their companies and lessen the effects of claims. We are excited to be working with Coalition, whose data-driven strategy for managing cyber risk has proven successful in identifying, evaluating, and settling claims. Through the use of both of our companies' combined technical skills, we hope to further strengthen our insureds' resilience to cyber risks. This partnership is a great addition to our ever-evolving risk management program and services.