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Allianz Commercial and cyber insurer Coalition Wednesday said that Allianz will transition its commercial cyber insurance business to Coalition.
The move establishes Coalition as Allianz’s exclusive global partner for cyber insurance across all commercial segments, the companies said in a statement.
Coalition will take primary responsibility for pricing, product development, risk mitigation, and claims management for Allianz’s standalone commercial cyber portfolio, supported by Allianz resources for multinational and large corporate underwriting, service delivery, and claims.
Allianz will also provide long-term insurance capacity and access to its distribution channels to Coalition.
A number of Allianz Global Corporate and Specialty SE cyber specialists focused on larger corporate risks are expected to transition to Coalition “in due course,” the statement said.
The partnership is structured for a minimum of 10 years.
Allianz will receive a combination of upfront consideration through increased equity in Coalition, including the right to nominate a director to the Coalition board. Oliver Bäte, Allianz SE’s CEO, a current independent Coalition board member, is expected to transition to this seat at deal closing.
Allianz also is committing to further equity investment in Coalition.
Cyber threats differ fundamentally from traditional risks and demanding a “dynamic, tech-forward approach,” Chris Townsend, member of the board of management of Allianz SE, said in the statement.
“Over time, we expect this transaction will position Coalition to become the largest writer of cyber insurance globally,” Joshua Motta, CEO and co-founder of Coalition, said in the statement.
The new agreement has its roots in the 2022 investment in Coalition by Allianz X, Allianz Group’s strategic investment arm.
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