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Coalition

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Corporate profile and regulatory identifiers

🏢 Corporate identity. Coalition, Inc. is the global marketing name for the operations of its affiliates and subsidiaries.[1][2] The parent entity is a Delaware corporation.[3] Coalition operates a hybrid cyber insurtech structure that combines an insurance distribution entity (producer and surplus lines broker in the US), a multi-carrier capacity model backed by unaffiliated carriers and Lloyd's capacity, a licensed admitted carrier for admitted placements, cybersecurity services provided by affiliated security entities, and a reinsurance intermediary brand ("Coalition Re").[4] The company launched publicly in December 2017 with initial carrier capacity from Swiss Re Corporate Solutions and Argo Group.[5]

🏛️ Coalition, Inc. — regulated and registered entities[1][2][3][4][6][7][8][9][10][11][12][13][14][15][16]
Function Entity Jurisdiction Identifier(s) Notes
Parent holding and operating group Coalition, Inc. US Delaware corporation Group marketing name and parent reference
US insurance distribution Coalition Insurance Solutions, Inc. US (multi-state) CA producer license #0L76155; NPN 18419475 Licensed producer and surplus lines broker
US admitted carrier Coalition Insurance Company US NAIC #29530; domiciled New York Admitted placements issued through CIC
UK insurance distribution (appointed representative) Coalition Risk Solutions Ltd UK Companies House 13036309 Trading name for UK operations
UK principal firm for AR permissions Davies MGA Services Limited UK FCA FRN 597301 Principal firm confirmed on FCA register
German insurance distribution Coalition Insurance Solutions GmbH Germany HRB 133708; Sect. 34d license; Vermittlerregister ID D-JEO5-724A4-24 Disclosed in imprint (June 2025)
German supervisory reference IHK Frankfurt am Main Germany Named competent supervisory authority Insurance agent registration supervisor
Denmark branch Branch of Coalition Insurance Solutions GmbH Denmark CVR 45116212; supervised by Finanstilsynet Branch registration
Sweden branch Swedish branch of Coalition Insurance Solutions GmbH Sweden Org. nr. 516413-8959; supervised by Finansinspektionen Branch registration
Australia insurance distribution Coalition Insurance Solutions Pty Ltd Australia ABN 33 657 140 791; AFSL 539846 Wholly owned subsidiary
Australia capacity counterparties Allianz Australia Insurance Limited; Mitsui Sumitomo Insurance Company Limited; HDI Global SE Australia Insurer ABN/AFSL details listed by Coalition Issuing policies across Australian states and territories
Cybersecurity services and incident response Coalition Incident Response, Inc. US and international Affiliate providing security products and services Services accessed via panel arrangements
Threat intelligence / scanning subsidiary BinaryEdge AG Switzerland Acquired affiliate Internet-scale scanning integration
Reinsurance distribution initiative Coalition Reinsurance Services, LLC US Reinsurance intermediary ("Coalition Re") Listed as affiliate in privacy policy

⚖️ Carrier status and rating. Coalition distributes insurance through its producer and surplus lines broker (Coalition Insurance Solutions) and offers admitted placements through Coalition Insurance Company (NAIC #29530).[4] State regulator profiles list the carrier as domiciled in New York.[10] AM Best assigned Coalition Insurance Company an A- (Excellent) financial strength rating and associated issuer credit rating in its July 2024 rating report.[17]

🔗 AXA corporate lineage. A historical AXA connection exists at the carrier entity level: California's insurer profile for Coalition Insurance Company lists prior names including "AXA Art Insurance Corporation."[10] This is a legacy corporate lineage indicator tied to the carrier shell Coalition now uses, rather than evidence of present-day capacity, ownership, or distribution ties to AXA.

📈 Scale indicators. Coalition disclosed over 52,000 customers and $325M in run rate premium as of September 2021.[12] By July 2022, the company reported over 160,000 customers and exceeding $775 million in run rate GWP.[18] As of May 2020, Coalition disclosed "well over 100" employees.[19]

~*~

Leadership, governance, and AXA linkage check

👤 Founders. Joshua Motta is CEO and co-founder of Coalition. His official biography states he previously held CXO and Head of Special Projects roles at Cloudflare and also worked at Goldman Sachs, the Central Intelligence Agency, and Microsoft.[1][20] John Hering is co-founder alongside Motta.[21] The founders' combined backgrounds include founding and building cybersecurity companies such as Lookout, Cloudflare, OpenDNS, and HackerOne.[22] Hering's World Economic Forum profile lists studies in Public Policy at USC.[23] Coalition states some team members have US Intelligence Community experience, though no specific agency role is attributed to Hering in primary materials.[21]

🧑‍💼 Executive team. Coalition's disclosed leadership comprises:

  • CEO — Joshua Motta[1]
  • Chief Revenue Officer — Shawn Ram[6]
  • Chief Financial Officer — Jim Young[13]
  • Chief Product Officer — Frank Fumarola[7]
  • Chief Technology Officer — Maha Virudhagiri[11]
  • Head of Insurance — David Lynders[6]
  • General Counsel — John Littzi[6]
  • Chief Marketing Officer — Dylan Steele[6]
  • Chief Underwriting Officer — Tiago Henriques[12]
  • Chief of Staff; Head of Strategy and Corporate Development — Sisi Liu[6][1]

🏛️ Board governance. Trade press reports indicate that Oliver Bäte, CEO of Allianz SE, joined Coalition's board in late 2023.[24][18] No AXA-linked individual was identified in the disclosed leadership biographies or board-level governance sources reviewed.[10]

~*~

Funding and investor base

💰 Coalition, Inc. — equity funding rounds (USD), Feb 2018 – Jul 2022[21][25][15][20][12][18]
Round Date Amount raised Lead investor(s) Notable co-investors Post-money valuation Cumulative funding
Seed Feb 2018 $10M Multiple participants Sam Altman; Deep Nishar; Vy Capital; Ribbit Capital; Valor Equity Partners — $10M
Series B May 2019 $40M Ribbit Capital Greenoaks Capital; Hillhouse Capital — $50M
Series C May 2020 $90M Valor Equity Partners Felicis Ventures; Greyhound Capital; existing investors — $140M
Series D Mar 2021 $175M Index Ventures General Atlantic; existing investors $1.75B $315M
Series E Sep 2021 $205M Durable Capital; T. Rowe Price; Whale Rock Existing investors >$3.5B $520M
Series F Jul 2022 $250M Allianz X Kinetic Partners; existing investors $5B $770M

📊 Investor profile. Coalition's investor base blends technology-focused growth capital and insurance-adjacent strategic capital. The Series E co-leads include large crossover-type asset managers (Durable Capital, T. Rowe Price, Whale Rock), while the Series F brought strategic insurtech capital from Allianz X.[12] Coalition's Series F announcement stated over $755 million in equity funding to date; the arithmetic sum of disclosed rounds yields $770M, possibly reflecting definitional differences such as the treatment of secondary components.[18]

🌍 Funding and scale linkage. Coalition's July 2022 disclosure tied the Series F funding to operational scale: over 160,000 customers, exceeding $775M run rate GWP, and plans for international expansion and product broadening.[18] The company additionally reported nearly 200% revenue growth over the prior year in the same announcement.[18] No participation by AXA Venture Partners, AXA XL Innovation, or related AXA investment platforms was identified in the disclosed round participants.[21]

~*~

Underwriting scope, customer segments, and distribution

🎯 Segment boundaries. Coalition's underwriting appetite in the US extends to organisations with up to $5B in annual revenue and up to $15M in limits.[26] Certain policy features are reserved for smaller insureds: the Vanishing Retention endorsement and unlimited reinstatements are available only to businesses under $100M revenue.[13] In the UK, the focus is on businesses under £1 billion in revenue, with disclosed premiums ranging from £111 to £200,000+.[27]

🏭 Industry appetite. Coalition accepts submissions from nearly every industry but explicitly excludes adult entertainment, cannabis, casinos and gambling, data aggregators, and payment processors.[13]

📦 Customer mix inference. The combination of over 160,000 customers and >$775M run rate GWP (July 2022), a product design emphasising rapid quoting and standardised enhancements, and incentive features targeted at sub-$100M revenue insureds are characteristic of a scaled, packaged cyber MGA distribution model, even though the eligibility ceiling extends into large-revenue insureds.[18][13]

🤝 Distribution architecture. Brokers are Coalition's primary distribution channel; the company partners with brokers in all 50 US states and provides quoting via its platform, with brokers able to quote in minutes through the Broker Platform.[18][26] In the UK, Coalition operates under an appointed representative model with Davies MGA Services Limited (FCA FRN 597301) as principal firm.[7] Geographic scope includes the US, UK, Canada, Australia, Germany, and additional European markets including France, Denmark, and Sweden.[4][11]

~*~

Cyber insurance product and coverage analysis

📋 Policy form. Coalition's current flagship US cyber form is the "Coalition Active Cyber Policy," released on 15 April 2025 to replace the previous surplus lines version.[13] Insurance products are offered by the producer/surplus lines broker and are available on an admitted basis through Coalition Insurance Company (NAIC #29530).[4]

🛡️ Coalition Active Cyber Policy — first-party coverages[6][13]
Coverage item Coalition disclosure mapping Status
Business interruption / system failure (incl. contingent BI) Direct and Contingent Business Interruption Standard
Data restoration and recovery Data Recovery and Computer Replacement Costs Standard
Ransomware / cyber extortion (incl. ransom payment) Ransomware and Cyber Extortion Standard
Bricking / hardware damage Computer Replacement Costs (hardware permanently altered by malware) Standard; integrated into base form Apr 2025
Reputational harm / PR crisis costs Crisis Management and Public Relations; Reputational Harm Loss Standard
Social engineering / funds transfer fraud Funds Transfer Fraud and Social Engineering Standard
Invoice manipulation Invoice Manipulation Standard; integrated into base form Apr 2025
Service fraud / cryptojacking Service Fraud including Cryptojacking Standard; integrated into base form Apr 2025
Proof of loss preparation Proof of Loss Preparation Expenses Standard; integrated into base form Apr 2025
Reputation repair advertising support Reputation Repair Available by endorsement
Deepfake response Deepfake Response Available by endorsement
🛡️ Coalition Active Cyber Policy — third-party coverages[6]
Coverage item Coalition disclosure mapping Status
Network security liability Network Security and Privacy Liability Standard
Privacy liability, regulatory defense and fines/penalties Regulatory Actions; expanded privacy liability definition Standard
Media liability Media Liability Standard
PCI-DSS fines and assessments PCI Fines and Assessments Standard
Technology errors and omissions Technology Errors and Omissions Optional by eligibility
Miscellaneous professional liability Miscellaneous Professional Liability Optional by eligibility
Bodily injury / property damage crossover Bodily Injury and Property Damage (1st and 3rd party) Available by endorsement
Pollution liability Pollution Available by endorsement

💲 Policy economics. The Vanishing Retention endorsement (available to businesses under $100M revenue) reduces retentions based on vulnerability resolution and claim-free years.[13] A reduced retention applies for early funds transfer fraud reporting within 72 hours.[13] Unlimited reinstatements are available by endorsement for businesses under $100M revenue.[13]

🚨 Breach response services. Coalition embeds breach response in two forms: "Rapid Response Services" providing immediate access including a two-hour legal consultation from a panel provider and support from Coalition Incident Response at no cost, and "Breach Response Costs" covering incident response, customer notification, credit monitoring, and legal expenses.[6] Vendor selection is panel-based, with incident response services offered via a panel provider list.[6]

⚠️ Exclusions. Coalition's public coverage summaries include general cautions that exclusions and limitations apply and that coverage is governed by the policy as issued.[6] Coalition's Ukraine-related guidance states that acts of war are excluded across the industry and notes the policy provides coverage for acts of cyber terrorism, though this is indicative commentary rather than policy language.[28]

~*~

Cybersecurity services and technology stack

🔍 Platform overview. Coalition positions itself as "Active Insurance," integrating security capabilities with insurance products across the policy lifecycle.[9] Its security platform, Coalition Control, is powered by proprietary technology and data used to underwrite and protect hundreds of thousands of businesses, combining public data scans with proprietary incident, claims, and infosec data to produce an outside-in view of security posture.[9] Free sign-up is available with a business email address and domain scanning that surfaces vulnerabilities and remediation recommendations.[29]

🌐 Pre-bind scanning. The 2020 acquisition of BinaryEdge (Switzerland) brought internet-scale scanning technology for continuous monitoring of policyholders' internet attack surface, providing threat intelligence and alerts.[16] Coalition Control features include attack surface monitoring, third-party risk monitoring, security notifications, on-demand rescans, and mechanisms for insureds to attest to remediation steps.[9] The platform also includes "CoalitionAI Security Copilot" supporting vulnerability interpretation and remediation guidance.[9]

🛠️ Post-incident services. Coalition Incident Response is an affiliated incident response capability accessible to policyholders before, during, and after events, offered via a panel-based model.[9] The policy explicitly provides $0 out-of-pocket costs for digital forensics and incident response when policyholders use Coalition Incident Response.[13]

🤖 MDR and the Wirespeed acquisition. In November 2025, Coalition announced the acquisition of Wirespeed, an automated MDR provider. Wirespeed's platform delivers a median time-to-verdict of 1,801 milliseconds and 99.99% alert noise reduction, using conditional logic plus probabilistic AI and ChatOps integrations (Slack, Microsoft Teams, email, SMS).[11] Wirespeed MDR will integrate data from Coalition's "Active Data Graph," including external attack surface monitoring and cyber claims data, to provide 24/7 protection.[11]

🔌 Partner ecosystem and business model. Coalition discloses cybersecurity partners inside Coalition Control spanning email security, endpoint detection and response, identity and access, security awareness training, and penetration testing, with named vendors including Armorblox, CrowdStrike, Okta, and SentinelOne.[9] The services business model combines included access to Coalition Control for Active Insurance policyholders, no-cost rapid response services plus optional affiliate IR via panel, and incentivised adoption through premium credits up to 12.5% for Coalition MDR adoption and additional funds transfer fraud sublimits tied to paid enrolment in Coalition's security awareness training.[9][6][13]

~*~

Capacity, reinsurance, geographic footprint, and strategic partnerships

🏦 Capacity providers. Coalition's multi-carrier model leverages relationships with leading insurers and capacity providers. Disclosed counterparties include Swiss Re Corporate Solutions (named at launch and in later capacity references), Arch Insurance North America, Lloyd's of London (coverholder authority for UK business), and Ascot Group.[5][18][25][9] The carrier roster varies by state and product, and additional carriers are listed in Coalition's licensing disclosures.[6]

📝 Aspen capacity agreement. In March 2024, Coalition announced a multi-year capacity agreement with Aspen Specialty Insurance Company to deploy US cyber insurance capacity beginning on or after 1 April 2024, brokered by McGill and Partners.[14][1]

🔄 Coalition Re. Coalition launched "Coalition Re" as a reinsurance intermediary, framing it as a cyber reinsurance underwriting approach based on continuous internet-wide data collection, AI-enabled threat detection, and internal security and insurance expertise.[4] Aspen's cyber leadership is quoted as partnering with Coalition on the reinsurance offering, indicating Coalition is positioning itself for a cedant-facing role beyond MGA insurance distribution.[4]

🌍 Geographic expansion. Coalition's disclosed footprint shows a pattern of scaling from the US and Canada into European and APAC markets:

  • US: launched offering to SMBs in November 2017 with national licensing positioning.[21]
  • Canada: expansion in 2020 with CAD coverage across provinces and territories disclosed in 2021.[20]
  • UK: approved Lloyd's coverholder as of 1 January 2023, operating under an appointed representative model with Davies MGA Services Limited (FCA FRN 597301).[27][7]
  • Germany and Nordics: German entity registration with Danish (CVR 45116212) and Swedish (Org. nr. 516413-8959) branch registrations.[2]
  • Australia: AFSL entity operating under binding authority with carrier relationships including Allianz Australia, MSIG, and HDI Global SE.[8]
  • France and additional European markets: the Wirespeed acquisition announcement confirmed products in France, Germany, Denmark, and Sweden.[11]

🔎 AXA relationship assessment. No AXA XL capacity or reinsurance role was identified in Coalition's public capacity disclosures.[18] No AXA venture entity participation was found in funding announcements, and no AXA distribution partnership or founder/executive AXA employment link was identified.[21][1] The sole documentable AXA connection is the historical carrier shell lineage (AXA Art Insurance Corporation) reflected in state regulator name history for Coalition Insurance Company.[10]

~*~

Financial performance, risk factors, and outlook

📊 Coalition, Inc. — key performance indicators (publicly disclosed only), 2021–2022[12][18][19]
Metric Most recent figure Prior year
Gross Written Premium (run rate) >$775M (2022) $325M (2021)
Customer count >160,000 (2022) >52,000 (2021)
Revenue growth ~200% YoY (2022) —
Headcount (historical) >100 (May 2020) —

📈 Financial trajectory. Coalition discloses rapid scaling in both customer count and premium volume, from $325M run rate premium and 52,000 customers in 2021 to over $775M run rate GWP and 160,000+ customers by 2022.[12][18] Coalition asserts that its technology-first approach is tied to underwriting performance. The company also frames its operating model around continuous scanning and prevention as a loss-mitigation lever, disclosing scanning frequency of 65,000 times per week in its 2021 funding announcement.[12] Public filed financial statements for Coalition, Inc. were not available in the reviewed sources, consistent with private-company status.[10]

⚠️ Risk factors. Capacity dependency risk remains material given Coalition's explicit reliance on multiple carrier relationships and capacity deals; disruptions in delegated authority, pricing corridors, or carrier appetite could force rapid underwriting retrenchment.[18] Aggregation and systemic cyber exposure are structurally relevant, as Coalition's portfolio faces correlated vulnerability exploitation and systemic events, with the company's own model predicated on continuous monitoring to manage this risk.[12]

🌐 Regulatory and operational risk. International expansion increases compliance surface area, with distinct regulatory strategies across jurisdictions: appointed representative structure in the UK, German insurance agent registration with Nordic branches, and AFSL licensing with binder authority in Australia.[7] Operational and claims execution risk is paired with Coalition's differentiation, as rapid response services and economics tied to affiliated response (retention and out-of-pocket costs) could create adverse selection, reputational harm, or claims friction if service levels are not met.[6] Product expansion beyond cyber into executive risks and additional lines can diversify earnings but also introduces underwriting and operational complexity.[18]

🧭 Strategy and outlook. Coalition's disclosed strategic pillars align around "Active Insurance": active risk assessment and monitoring via Coalition Control using proprietary data and AI-driven workflows; active response via affiliate incident response offerings embedded in the product; and underwriting and distribution scaling via broker platform tooling and international expansion.[9][6][18] The strategic trajectory also includes vertical integration moves: the BinaryEdge acquisition (internet-scale scanning), the Wirespeed acquisition (automated MDR), and the launch of Coalition Re as a reinsurance intermediary suggesting evolution toward a cyber risk intelligence and capacity role for cedants.[16][11][4]

🏷️ Peer positioning. Coalition aligns with "full-stack cyber platform" MGAs that combine proprietary risk telemetry, embedded security services, and multi-carrier capacity access. Closest competitive comparators by model similarity include At-Bay, Corvus Insurance, and Resilience, each commonly positioned around integrated cyber risk data and underwriting technology stacks.[9][18][13][19]

~*~

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 "About Coalition". Coalition. Retrieved 9 March 2026.
  2. ↑ 2.0 2.1 2.2 "Imprint". Coalition. Retrieved 9 March 2026.
  3. ↑ 3.0 3.1 "Privacy Policy". Coalition. Retrieved 9 March 2026.
  4. ↑ 4.0 4.1 4.2 4.3 4.4 4.5 4.6 4.7 "Introducing Coalition Re". Coalition. Retrieved 9 March 2026.
  5. ↑ 5.0 5.1 "Leading Global Insurers Back Coalition to Solve Cyber Risk". Coalition. 5 December 2017.
  6. ↑ 6.00 6.01 6.02 6.03 6.04 6.05 6.06 6.07 6.08 6.09 6.10 6.11 6.12 6.13 6.14 "Coverages". Coalition. Retrieved 9 March 2026.
  7. ↑ 7.0 7.1 7.2 7.3 7.4 "Broker Access UK". Coalition. Retrieved 9 March 2026.
  8. ↑ 8.0 8.1 "Australia Licenses". Coalition. Retrieved 9 March 2026.
  9. ↑ 9.00 9.01 9.02 9.03 9.04 9.05 9.06 9.07 9.08 9.09 9.10 "Coalition Control — 2023 Overview" (PDF). Coalition. 2023.
  10. ↑ 10.0 10.1 10.2 10.3 10.4 10.5 "Executive Risks Insurance Now Available on Surplus". Coalition. Retrieved 9 March 2026.
  11. ↑ 11.0 11.1 11.2 11.3 11.4 11.5 11.6 "Coalition Announces Acquisition of Automated MDR Provider Wirespeed". Business Wire. 6 November 2025.
  12. ↑ 12.0 12.1 12.2 12.3 12.4 12.5 12.6 12.7 12.8 "Coalition Closes $205 Million Series E". Coalition. September 2021.
  13. ↑ 13.00 13.01 13.02 13.03 13.04 13.05 13.06 13.07 13.08 13.09 13.10 13.11 13.12 "Coalition Active Cyber Policy Highlights". Coalition. April 2025.
  14. ↑ 14.0 14.1 "Coalition Enters Long-Term Capacity Agreement with Aspen". Business Wire. 11 March 2024.
  15. ↑ 15.0 15.1 "Coalition Raises $90M in Funding". Coalition. May 2020.
  16. ↑ 16.0 16.1 16.2 "Coalition Acquires Security Threat Intelligence Provider BinaryEdge". Coalition. January 2020.
  17. ↑ "Coalition Insurance Company — AM Best Rating". AM Best. July 2024.
  18. ↑ 18.00 18.01 18.02 18.03 18.04 18.05 18.06 18.07 18.08 18.09 18.10 18.11 18.12 18.13 18.14 18.15 "Coalition Closes $250 Million in Series F Funding". Coalition. July 2022.
  19. ↑ 19.0 19.1 19.2 "Some Good News". Coalition. May 2020.
  20. ↑ 20.0 20.1 20.2 "Coalition Raises $175M to Build the Future of Commercial Insurance". Coalition. March 2021.
  21. ↑ 21.0 21.1 21.2 21.3 21.4 21.5 "Cyber Insurer Coalition Raises $10 Million to Solve Cyber Risk for SMBs". Coalition. 28 February 2018.
  22. ↑ "Why We Founded Coalition". Coalition. Retrieved 9 March 2026.
  23. ↑ "John Hering". World Economic Forum. Retrieved 9 March 2026.
  24. ↑ "Coalition Appoints Allianz SE Leader to Board". Insurance Business Magazine. 2023.
  25. ↑ 25.0 25.1 "Coalition Secures $40M in Funding". Coalition. May 2019.
  26. ↑ 26.0 26.1 "Coalition Launches New Active Cyber Policy". Coalition. Retrieved 9 March 2026.
  27. ↑ 27.0 27.1 "Coalition Approved Lloyd's Coverholder UK". Coalition. January 2023.
  28. ↑ "Preparing for Increased Cyber Risks Amidst Russian Invasion of Ukraine". Coalition. 2022.
  29. ↑ "Coalition Control Overview". Coalition. Retrieved 9 March 2026.
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