Coalition has expanded its UK underwriting appetite to include organisations domiciled in the UK Crown Dependencies and Gibraltar, extending access to its cyber insurance and risk management offering.
The company said it will now consider risks in the Isle of Man, Jersey, Guernsey, the remaining Channel Islands and Gibraltar. It described the move as an extension of its UK business footprint.
Tom Draper (pictured above), UK managing director, said: “Most cyber criminals don’t discriminate between organisations based on region. A law firm on the Isle of Man is no less at risk from a cyber incident than one based in London.”
The expansion comes as cyber insurance remains a growth line but one where buyers and brokers are also seeing the effects of increasing capacity and pricing pressure in some markets.
Coalition has estimated global cyber gross written premium at US$15 billion to US$18 billion, with the US accounting for around 60%, positioning the UK and other non-US jurisdictions as part of its growth focus.
Draper said the decision was aimed at widening coverage availability in territories with varied economic profiles. “That’s why we are pleased to expand the availability of our coverage to help protect organisations in these territories.”
Coalition has also been building out internationally beyond its US base, citing a presence that now includes the UK, Germany, France, Australia and the Nordics. In that context, the company has said global expansion has become a strategic priority as the US market shows signs of rate softening, and the new Crown Dependencies appetite extends its UK footprint within that wider approach.
Coalition pointed to the Isle of Man’s financial services and e-gaming sectors as contributors to gross national income, and said Gibraltar’s economy is “very service-oriented,” with businesses attracted by what it called an “attractive tax structure.”
The company also cited investment in cyber support structures by territorial governments, including organisations such as the Jersey Cyber Security Centre.
Draper said: “Our ability to serve firms in all these regions with cyber insurance and cyber risk management support will help protect the UK economy as a whole from the impact of cyber attacks.”
Coalition said it will be able to quote organisations in the Isle of Man, Jersey and Guernsey through its existing UK broker network.
