Coalition

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Coalition

| subheader = Coalition, Inc. | subheaderstyle = font-weight:bold; font-size:105%;

| image = {{#invoke:InfoboxImage|InfoboxImage|image=Logo of Coalition.svg|size=|sizedefault=frameless|alt=}} | caption =

| header1 = Corporate identity

| label2 = Type | data2 = Private — cyber insurtech MGA | class2 = category

| label3 = Traded as | data3 =

| label4 = ISIN | data4 =

| label5 = LEI | data5 =

| label6 = Registration number | data6 =

| label7 = Regulated | data7 =

| label8 = License type | data8 = Producer and surplus lines broker (US)
Appointed representative (UK)
Insurance agent (Germany)
AFSL holder (Australia)

| label9 = NPN | data9 = 18419475

| label10 = Coverholder reference | data10 =

| label11 = License number | data11 =

| label12 = Incorporation | data12 = Delaware

| label13 = Founded | data13 = 2017 (2017){{#invoke:Check for unknown parameters|check|unknown=|preview=Page using Template:Start date and age with unknown parameter "_VALUE_"|showblankpositional=1| 1 | 2 | 3 | br | df | end | p | paren }}

| label14 = Headquarters | data14 = | class14 = label

| label15 = Country | data15 =

| label16 = Domicile | data16 = Delaware, United States

| label17 = Licensed jurisdictions | data17 = United States
United Kingdom
Canada
Germany
Denmark
Sweden
Australia
France

| label18 = Regulator | data18 = Multi-state (US)
FCA via Davies MGA Services Limited (UK)
IHK Frankfurt am Main (Germany)
Finanstilsynet (Denmark)
Finansinspektionen (Sweden)

| label19 = Ultimate parent | data19 = Coalition, Inc.

| label20 = Major shareholders | data20 =

| label21 = Group status | data21 =

| label22 = Key people | data22 = Joshua Motta, CEO and co-founder
John Hering, co-founder
Shawn Ram, Chief Revenue Officer
Jim Young, Chief Financial Officer
Frank Fumarola, Chief Product Officer
Maha Virudhagiri, Chief Technology Officer
David Lynders, Head of Insurance
John Littzi, General Counsel
Dylan Steele, Chief Marketing Officer
Tiago Henriques, Chief Underwriting Officer
Sisi Liu, Chief of Staff and Head of Strategy and Corporate Development

| label23 = Number of employees | data23 =

| header24 = Business & markets

| label25 = Operating status | data25 =

| label26 = Customer segments | data26 = SMB and mid-market organizations up to $5B revenue (US)

| label27 = Lines of business | data27 = Cyber insurance
Technology errors and omissions
Miscellaneous professional liability
Executive risks

| label28 = Business segments | data28 =

| label29 = Main products & services | data29 = Coalition Active Cyber Policy
Coalition Control
Coalition Re
Coalition MDR (via Wirespeed)

| label30 = Technology platform | data30 = Coalition Control (proprietary security and risk monitoring platform)
BinaryEdge (internet-scale scanning and threat intelligence)
CoalitionAI Security Copilot
Wirespeed (automated MDR)

| label31 = Capacity providers | data31 = Swiss Re Corporate Solutions
Arch Insurance North America
Lloyd's of London
Ascot Group
Aspen Specialty Insurance Company
Allianz Australia Insurance Limited
Mitsui Sumitomo Insurance Company Limited
HDI Global SE

| label32 = Distribution | data32 = Broker-distributed across all 50 US states
Appointed representative model (UK)
Binding authority (Australia)

| label33 = Geographic markets | data33 = United States
Canada
United Kingdom
Germany
Denmark
Sweden
France
Australia

| label34 = Branches | data34 =

| label35 = Customers served | data35 = >160,000 (July 2022)

| label36 = Competitors | data36 = At-Bay
Corvus Insurance
Resilience

| label37 = Market share rank | data37 =

| header38 = Key financials

| label39 = Currency | data39 =

| label40 = Market cap | data40 =

| label41 = Revenue | data41 =

| label42 = Insurance revenue | data42 =

| label43 = Operating income | data43 =

| label44 = EBITDA | data44 =

| label45 = Net income | data45 =

| label46 = Gross written premium | data46 = >$775M run rate (July 2022)

| label47 = Net written premium | data47 =

| label48 = Loss ratio | data48 =

| label49 = Combined ratio | data49 =

| label50 = Commission / MGA fee | data50 =

| label51 = Total assets | data51 =

| label52 = Invested assets | data52 =

| label53 = Technical reserves | data53 =

| label54 = Contractual service margin | data54 =

| label55 = Net debt | data55 =

| label56 = Equity | data56 =

| label57 = Operating margin | data57 =

| label58 = Solvency ratio | data58 =

| label59 = Return on equity | data59 =

| label60 = Total funding raised | data60 = $770M (sum of disclosed rounds through Series F)

| label61 = Last funding round | data61 = Series F, $250M, July 2022

| label62 = Last known valuation | data62 = $5B (Series F, July 2022)

| label63 = Lead investors | data63 = Allianz X (Series F)
Durable Capital, T. Rowe Price, Whale Rock (Series E)
Index Ventures (Series D)
Valor Equity Partners (Series C)
Ribbit Capital (Series B)

| label64 = Capital structure | data64 =

| label65 = Insurer financial strength | data65 = A- (Excellent), AM Best (Coalition Insurance Company, July 2024)

| label66 = Capacity partner ratings | data66 =

| label67 = External ratings | data67 =

| data68 =

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Corporate profile

🏢 Delaware incorporation. Coalition, Inc. is the global marketing name for the operations of its affiliates and subsidiaries, with its parent entity legally domiciled in Delaware. The company operates a hybrid cyber insurtech structure combining an insurance distribution entity (producer and surplus lines broker in the US), a multi-carrier capacity model, a licensed admitted carrier for admitted placements, cybersecurity services through affiliated security entities, and a reinsurance-facing initiative branded "Coalition Re." Coalition launched publicly in December 2017 with initial capacity from Swiss Re Corporate Solutions and Argo.

🏛️ Regulated entities. The US insurance distribution arm is Coalition Insurance Solutions, Inc., holding California producer license #0L76155 (NPN 18419475). The admitted carrier, Coalition Insurance Company (NAIC #29530), is domiciled in New York and received an A- (Excellent) financial strength rating from AM Best in a July 2024 report. In the UK, Coalition Risk Solutions Ltd (Companies House number 13036309) operates as an appointed representative under Davies MGA Services Limited (FCA firm reference number 597301).

🌍 International registrations. Coalition Insurance Solutions GmbH (HRB 133708) holds a German insurance agent license under Section 34d of the German Trade Regulation (Vermittlerregister ID D-JEO5-724A4-24), supervised by IHK Frankfurt am Main. Branches of this entity operate in Denmark (CVR 45116212, supervised by Finanstilsynet) and Sweden (Org. nr. 516413-8959, supervised by Finansinspektionen). In Australia, Coalition Insurance Solutions Pty Ltd (ABN 33 657 140 791; AFSL 539846) operates under binding authority with carrier relationships including Allianz Australia Insurance Limited, Mitsui Sumitomo Insurance Company Limited, and HDI Global SE.

🔗 Affiliated subsidiaries. Coalition Incident Response, Inc. provides security products and incident response services via panel arrangements. BinaryEdge AG, a Swiss threat intelligence and internet-scale scanning subsidiary, was acquired by Coalition to integrate attack surface monitoring capabilities. Coalition Reinsurance Services, LLC operates the "Coalition Re" reinsurance intermediary initiative.

📜 Historical carrier lineage. Coalition Insurance Company's state regulator name history includes "AXA Art Insurance Corporation" among predecessor names, representing a historical corporate lineage indicator tied to the carrier shell 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, growing to over 160,000 customers and exceeding $775 million in run rate GWP by July 2022.

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Leadership and governance

👤 Co-founders. Joshua Motta serves as 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. John Hering is co-founder, with a background that includes founding and building cybersecurity companies such as Lookout, Cloudflare, OpenDNS, and HackerOne. The World Economic Forum lists his educational background as studies in Public Policy at USC.

👥 Executive team. The disclosed leadership includes Shawn Ram (Chief Revenue Officer), Jim Young (Chief Financial Officer), Frank Fumarola (Chief Product Officer), Maha Virudhagiri (Chief Technology Officer), David Lynders (Head of Insurance), John Littzi (General Counsel), Dylan Steele (Chief Marketing Officer), Tiago Henriques (Chief Underwriting Officer), and Sisi Liu (Chief of Staff and Head of Strategy and Corporate Development).

🏗️ Board signals. Trade press reports indicate that Oliver Bäte, CEO of Allianz SE, joined Coalition's board in late 2023, reinforcing the strategic relationship established through Allianz X's participation in the Series F round.

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Funding and investor base

💰 Funding history. Coalition raised a cumulative $770M across six disclosed rounds from February 2018 through July 2022. The $10M seed round in February 2018 attracted participants including Sam Altman, Deep Nishar, Vy Capital, Ribbit Capital, and Valor Equity Partners. Ribbit Capital led the $40M Series B in May 2019, with Greenoaks Capital and Hillhouse Capital as co-investors.

📈 Growth-stage rounds. Valor Equity Partners led the $90M Series C in May 2020, joined by Felicis Ventures, Greyhound Capital, and existing investors. Index Ventures led the $175M Series D in March 2021, with General Atlantic participating, at a $1.75B post-money valuation. The Series E in September 2021 raised $205M co-led by Durable Capital, T. Rowe Price, and Whale Rock at a valuation exceeding $3.5B. The $250M Series F in July 2022, led by Allianz X with Kinetic Partners and existing investors, valued Coalition at $5B.

💵 Coalition disclosed funding rounds, amount, lead investors, and valuations, Feb 2018 – Jul 2022, USD

Round	Date	Amount	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. Series E co-leads include large crossover-type asset managers (Durable Capital, T. Rowe Price, Whale Rock), while the Series F introduced strategic insurtech capital from Allianz X. Coalition's Series F announcement states the company achieved "nearly 200%" revenue growth over the prior year, tying funding to operational scale of over 160,000 customers, exceeding $775M run rate GWP, and plans for international expansion and product broadening.

⚠️ Cumulative funding note. Coalition's Series F announcement states "over $755 million" in equity funding to date, whereas the arithmetic sum of individually disclosed rounds yields $770M; this difference may reflect definitional treatment of secondary components or minor rounds not itemized in public disclosures.

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Underwriting scope and distribution

🎯 Segment boundaries. Coalition's US underwriting appetite extends to organizations with up to $5B in annual revenue and up to $15M in limits. Certain policy features target smaller insureds: the Vanishing Retention endorsement and unlimited reinstatements are available to businesses under $100M revenue. UK positioning targets businesses under £1bn in revenue, with premiums ranging from £111 to £200,000+.

📋 Industry appetite. Coalition accepts submissions from nearly every industry but explicitly excludes adult entertainment, cannabis, casinos and gambling, data aggregators, and payment processors. The combination of a very high customer count, a product design emphasizing rapid quoting and standardized enhancements, and incentives targeted at sub-$100M revenue insureds indicates a scaled, packaged cyber MGA distribution model weighted toward SMB and mid-market volume placements.

🤝 Broker-centric distribution. Coalition partners with brokers in all 50 US states and provides quoting via its broker platform, enabling quotes in minutes. In the UK, Coalition uses an appointed representative model under a principal FCA-authorized firm, consistent with broker-centric distribution. Geographic scope spans the US, UK, Canada, Australia, Germany, Denmark, Sweden, and France.

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Cyber insurance products

📄 Active Cyber Policy. Coalition's flagship US cyber form, the Coalition Active Cyber Policy, was released on April 15, 2025, replacing the previous surplus lines version. Insurance products are offered through the producer/surplus lines broker and are available on an admitted basis through Coalition Insurance Company (NAIC #29530).

🛡️ Coalition first-party cyber coverages, status by product material classification, Apr 2025

Coverage item	Coalition disclosure mapping	Status
Business interruption / system failure (including 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	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	Endorsement
Deepfake response	Deepfake Response	Endorsement

⚖️ Coalition third-party cyber coverages, status by product material classification, Apr 2025

Coverage item	Coalition disclosure mapping	Status
Network security liability	Network Security and Privacy Liability	Standard
Privacy liability, regulatory defense and fines/penalties	Regulatory Actions	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	Endorsement
Pollution liability	Pollution	Endorsement

💡 Retention and limits mechanics. The Vanishing Retention endorsement, available to businesses under $100M revenue, reduces retentions based on vulnerability resolution and claim-free years. A reduced retention applies for early funds transfer fraud reporting within 72 hours. Unlimited reinstatements are available by endorsement for businesses under $100M revenue.

🩺 Breach response services. Coalition embeds breach response services in two forms: Rapid Response Services offering 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 coverage for incident response, customer notification, credit monitoring, and legal costs. Incident response services are offered via a panel provider list, with affiliated services offered through panel selection.

⚔️ War and terrorism commentary. 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 represents indicative commentary rather than policy language.

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Cybersecurity services and technology

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

📡 Continuous monitoring. 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. BinaryEdge's internet scanning technology enables continuous monitoring of policyholders' attack surfaces and provides threat intelligence and alerts. Coalition also offers CoalitionAI Security Copilot as part of Control, supporting vulnerability interpretation and remediation guidance.

🚨 Post-incident response. Coalition Incident Response provides affiliated incident response capabilities accessible to policyholders before, during, and after events via an incident response firm panel. Policy economics incentivize use of Coalition's affiliated response: the policy highlights describe $0 out-of-pocket costs for digital forensics and incident response when policyholders use Coalition Incident Response.

🤖 Wirespeed acquisition. Coalition acquired Wirespeed to combine automated managed detection and response (MDR) with its cyber risk management tools and coverage. 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 with Slack, Microsoft Teams, email, and SMS. The MDR capability will integrate data from Coalition's Active Data Graph, including external attack surface monitoring and cyber claims data, to provide 24/7 protection.

🔧 Partner ecosystem and business model. Coalition Control integrates cybersecurity partners across email security, endpoint detection and response, identity and access, security awareness training, and penetration testing, with named partners including Armorblox, CrowdStrike, Okta, and SentinelOne. Active Insurance policyholders receive full access to Coalition Control, while premium credits of up to 12.5% are available for Coalition MDR adoption, and additional funds transfer fraud sublimits are tied to paid enrollment in Coalition's security awareness training.

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Capacity and geographic footprint

🏦 Capacity providers. Coalition leverages relationships with multiple leading insurers and capacity providers. Disclosed counterparties include Swiss Re Corporate Solutions (named since launch), Arch Insurance North America, Lloyd's of London (coverholder authority), Ascot Group, and additional carriers that vary by state and product.

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

🔄 Coalition Re. Coalition launched its reinsurance intermediary, Coalition Re, 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. 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.

🗺️ Geographic expansion. Coalition's footprint has scaled from a US SMB launch in November 2017 to a multi-continent presence. Canada was added in 2020 with CAD coverage availability across provinces and territories. The UK business began trading as an approved Lloyd's coverholder on January 1, 2023, using an appointed representative model under Davies MGA Services Limited. Germany, Denmark, and Sweden are served through Coalition Insurance Solutions GmbH and its Nordic branches. Australia operates under AFSL licensing with binding authority and carrier relationships including Allianz Australia, MSIG, and HDI Global SE. France was confirmed as a market in the November 2025 Wirespeed acquisition announcement.

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Financial performance and outlook

📊 Coalition key performance indicators, publicly disclosed metrics, 2021–2022

KPI	Most recent figure	Prior year
GWP	>$775M run rate (2022)	$325M run rate (2021)
Customer count	>160,000 (2022)	>52,000 (2021)
Revenue growth	Nearly 200% YoY (2022)	—
Headcount	—	Well over 100 (May 2020)

📈 Growth trajectory. Coalition disclosed rapid scaling in both customer count and premium volume, moving from $325M run rate premium and 52,000 customers in 2021 to exceeding $775M run rate GWP and 160,000 customers by 2022. Coalition 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.

⚠️ Risk factors. Capacity dependency risk is material given Coalition's reliance on multiple carrier relationships and capacity deals; disruptions in delegated authority, pricing corridors, or carrier appetite could force rapid underwriting retrenchment. Aggregation and systemic cyber exposure remain structurally relevant, as Coalition's portfolio is exposed to correlated vulnerability exploitation and systemic events. Regulatory and conduct risk expands with the international footprint, which uses distinct regulatory strategies across multiple jurisdictions, increasing compliance surface area around distribution oversight and conduct obligations.

🔮 Operational and product risks. Coalition offers rapid response services and panel-based incident response access while explicitly tying economics (retention and out-of-pocket costs) to the use of its affiliated response; any failure to deliver service levels could create adverse selection, reputational harm, or claims friction. Product expansion risk is increasing as Coalition pursues ambitions beyond cyber into executive risks and additional lines, creating underwriting and operational complexity across claims specialization, regulatory filings, and distribution training.

🧭 Strategic pillars. Coalition's disclosed strategy centers on active risk assessment and monitoring via Coalition Control using proprietary data and AI-driven workflows, active response via affiliated incident response offerings embedded in the product structure, and underwriting and distribution scaling via broker platform tooling and international expansion. Vertical integration moves include the BinaryEdge acquisition for internet-scale scanning, the Wirespeed acquisition for automated MDR, and the launch of Coalition Re for a cedant-facing reinsurance role.

🏁 Competitive 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.

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Company timeline

📅 Coalition corporate milestones, Dec 2017 – Nov 2025

Date	Event
Dec 2017	Launch; products issued with capacity from Swiss Re Corporate Solutions and Argo Group.
Feb 2018	$10M seed financing disclosed.
May 2019	$40M funding round disclosed.
Jan 2020	Acquisition of BinaryEdge announced.
May 2020	$90M Series C disclosed.
Mar 2021	$175M Series D disclosed; $1.75B valuation.
Sep 2021	$205M Series E disclosed; valuation >$3.5B; $325M run rate premium.
Jul 2022	$250M Series F disclosed; $5B valuation; >160,000 customers; >$775M run rate GWP.
Jan 2023	UK business trading as approved Lloyd's coverholder.
Mar 2024	Multi-year capacity agreement with Aspen announced (start on or after Apr 1, 2024).
Sep 2024	Coalition Re reinsurance intermediary announced.
Apr 2025	New Active Cyber Policy (surplus lines) effective April 15, 2025.
Nov 2025	Acquisition of Wirespeed (automated MDR) announced.

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See also

• Cyber insurtech MGAs and underwriting agencies

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References

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