Coalition Expands Partnership with Mitsui Sumitomo Insurance with New Long-Term Capacity Agreement in Australia

Mitsui Sumitomo Insurance, a Subsidiary of MS&AD, to Assume a Share of Coalition’s Australian Active Cyber Insurance Program

SYDNEY — 17 October 2024 — Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today announced a multi-year capacity agreement with Mitsui Sumitomo Insurance Co., Ltd (MSI), a member of MS&AD Insurance Group. This partnership will deploy cyber insurance capacity in Australia beginning 1 January 2025, with Mitsui Sumitomo Insurance assuming a share of Coalition’s Australian Active Cyber Insurance Program.

This agreement builds on the two companies’ existing strategic partnership, which includes a collaboration on cybersecurity solutions for small and medium-sized enterprises (SMEs) in Japan.

“Mitsui Sumitomo Insurance is a well-respected provider with an excellent reputation, and partnering with them enables us to expand our presence in the Asia-Pacific region and continue to provide outstanding coverage to our policyholders,” commented Sam Weaver, Coalition’s Australian General Manager. “We’re excited to add new capacity and partner with MSI as we embark on our next chapter of growth.”

“This collaboration underscores our commitment to supporting SMEs in Australia with comprehensive cyber insurance solutions. We’re thrilled to enter the Australian cyber insurance market with Coalition. By combining our extensive experience, network, and scale across the Asia-Pacific region with Coalition’s technology-driven approach, we aim to diversify and grow together while enhancing the resilience of businesses in an increasingly digital landscape,” said Tomoyuki Komagome, MSI Australia Branch’s General Manager.

Clemens Philippi, CEO of MSIG Asia, a wholly-owned subsidiary of MSI, added, “This partnership serves as a blueprint for our expansion from Australia to other markets in the region. By leveraging Coalition's innovative strategies alongside our expertise and unrivaled presence in Asia, we aim to set a new standard for cyber insurance across the region. Our collaborative model will not only enhance our offerings but also empower businesses throughout the region to effectively manage and mitigate digital risks.”

Since Coalition launched in Australia in November 2023, the company has delivered its innovative Active Insurance model to more than 1,400 policyholders, helping Australian SMEs build increased cyber resilience. 

To learn more about Coalition’s Active Insurance offering in Australia, visit: www.coalitioninc.com/au. To learn more about MSI, visit: www.msi-oceania.com/.

About Coalition

Coalition is the world's first Active Insurance provider designed to help prevent digital risk before it strikes. By combining comprehensive insurance coverage and cybersecurity tools, Coalition helps businesses manage and mitigate potential cyber attacks. Leveraging its relationships with leading global insurers and capacity providers, including Coalition Insurance Company, Coalition offers Active Insurance products to businesses in the United States, the United Kingdom, Canada, Australia, and Germany. Policyholders can receive automated cyber alerts and access expert advice and global third-party risk management tools through Coalition's holistic cyber risk management platform, Coalition Control®. 

Insurance cover is issued by Coalition Insurance Solutions Pty Ltd (“CIS AU”) (ABN 33 657 140 791, AFSL 539846) under a binding authority given by the insurer, Allianz Australia Insurance Limited (ABN 15 000 122 850, AFSL 234708) and Mitsui Sumitomo Insurance Company (ABN 49 000 525 637, AFSL 240816). This information is of a general nature only and does not take into account any person's particular circumstances. All descriptions of coverage are subject to the terms, conditions, and exclusions of the individual policy. Before making a decision (or advising your client), please refer to the relevant policy wording available here or by contacting your broker. CIS AU may receive compensation from an insurer or other intermediary in connection with the sale of insurance cover. See disclaimers. Copyright © 2023. All rights reserved. Coalition and the Coalition logo are trademarks of Coalition, Inc.

About Mitsui Sumitomo Insurance

MSI is a member of the MS&AD Insurance Group Holdings Inc., boasting a robust credit rating of A+ by S&P. The company has over 20,000 employees and presence in 41 countries and regions globally. Within Asia-Pacific, the company is represented in Australia, New Zealand, Hong Kong, China, Korea, India and Taiwan as well as all ASEAN markets. It is the top non-life regional insurance provider in ASEAN based on gross written premiums.