Skadden is advising Coalition on its agreement with Allianz Commercial, establishing Coalition as Allianz’s exclusive global partner for cyber insurance across all commercial segments. Under the agreement, Allianz will transition its commercial cyber insurance business to Coalition.
Upon completion, Coalition will take primary responsibility for pricing, product development, risk mitigation and claims management for Allianz’s standalone commercial cyber portfolio, with support from Allianz’s resources for multinational and large corporate underwriting, service delivery and claims. In addition, Allianz will provide long-term insurance capacity to Coalition, as well as access to its distribution channels.
Coalition is an Active Insurance provider, combining comprehensive insurance coverage with cybersecurity tools to make cybersecurity easier to manage and less costly for businesses. Allianz Commercial is Allianz Group’s global line for insuring mid-sized businesses, large enterprises and specialist risks.
The Skadden team includes Todd Freed, Jon Hlafter, Pramode Chiruvolu, Johannes Frey and Joe Penko.