Coalition finalizes Attune acquisition
The combined companies have a gross written premium run rate of more than $500 million, Coalition reports.
Cyber insurance and security provider Coalition, Inc. has closed its purchase of Attune Insurance, a managing general agent and digital broker platform for commercial insurance. The combined companies have a gross written premium run rate of more than $500 million and serve more than 130,000 customers, Coalition reports.
“Both Coalition and Attune offer digitally-powered insurance that provides a better, more efficient experience for brokers,” says Joshua Motta, Coalition CEO and co-founder. “We also believe that both can leverage vast amounts of data to assess, mitigate and eliminate risk for businesses. We are building a new kind of insurance with technology at its core, and we see this combination as an important step on that journey.”
The deal will also allow Coalition to expand its cyber insurance products to more policyholders through Attune’s marketplace, he says, adding that there is a deeper component to the deal.
“Coalition has an incredible depth of expertise in data collection and analysis,” he tells PropertyCasualty360.com. “It’s the foundation of our cyber product, and we believe it’s going to be core to all lines of commercial insurance in the future. This acquisition will allow us to apply the advances we’ve made in analytics and machine learning to an expanded set of Attune’s insurance offerings over time.”
While Attune will be connected to Coalition’s technology and data abilities, the acquired firm will continue to operate as a standalone business. Attune policyholders will also gain access to Coalition Control, which helps monitor and prevent cyber risks.
“I am excited for our teams to work with one another to offer more digitally powered insurance products to more brokers and help organizations mitigate risk,” James Hobson, CEO of Attune, said in a release. “Our brokers will soon be able to offer businesses access to Coalition cyber insurance alongside the business owner policies, general liability and other leading Attune products in a comprehensive package.”
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