Cyber liability general agent Coalition Inc. has established Ferian Re, a $300 million Bermuda-based reinsurer, to back its insurance.
Investments in the Class 3B reinsurer are led by BDT Capital Partners LLC, an affiliate of BDT & Co. LLC, a Chicago-based bank that provides services to family and founder-owned businesses. Minority investors include The Pritzker Organization LLC, the San Francisco-based coalition said in a statement.
“In conjunction with the launch, Ferian Re is committing to participate in the Coalition’s cyber insurance program alongside leading global insurers and reinsurers, including Allianz Group, Arch Insurance North America and Swiss Re Corporate Solutions,”
; the statement said.Coalition was formed in 2017. Earlier this year it bought an admitted insurer, allowing it to issue its own policies, and last month it opened operations in London.
The cyber insurance market has seen some of the sharpest price increases of the past year, following a surge in ransomware and other cyber claims during the Covid-19 pandemic, although rate hikes have begun to moderate in recent months.
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