Coalition

Coalition is a leading test of whether an MGA can improve loss outcomes by operating before, during and after a cyber incident rather than only pricing and transferring the risk. Its model joins internet-scale scanning and Coalition Control with underwriting, incident response and claims. That closed loop is potentially powerful: observed vulnerabilities can influence selection and pricing, alerts can reduce exposure during the policy period, and claims can recalibrate the next underwriting decision. It also creates governance questions. Policyholders need to understand which telemetry affects coverage or renewal, capacity providers need evidence that risk signals predict insured loss rather than merely technical weakness, and underwriting must distinguish an actionable vulnerability from noise. Coalition’s company-reported claim outcomes are substantial—$158 million in stolen funds recovered and 64% of 2025 closed claims resolved without policyholder out-of-pocket loss—but they require careful interpretation because portfolio mix, coverage terms and response practices affect comparisons with the wider market. The March 2026 report draws on Coalition policyholders in the United States, Canada, United Kingdom, Australia and Germany. Its 64% figure concerns closed claims, not all insured businesses or all reported incidents. MGA Index analysis: no out-of-pocket loss for a policyholder does not mean the event imposed no insured loss, response expense or carrier cost. Nor does this observational portfolio evidence, by itself, isolate the effect of security services from risk selection. The 2026 Allianz agreement changes the scale of the thesis. Coalition becomes Allianz’s exclusive global commercial-cyber partner, assumes primary responsibility for pricing, product, mitigation and claims, and gains long-term capacity under a minimum 10-year framework. The relationship extends Coalition from small and midsize risks into multinational and enterprise accounts, where aggregation, vendor concentration and business interruption are harder to model and limits reach $25 million. Coalition Insurance Company adds owned admitted paper, while partner carriers and the Allianz arrangement preserve access to broader capital. The core strategic question is whether common data and controls remain comparable across those balance sheets and geographies. Metrics worth watching include claim frequency by security-control cohort, alert-to-remediation rates, capacity-provider concentration, loss development by channel and country, enterprise accumulation around shared technology providers, and whether monitoring or managed security changes risk after bind rather than simply selecting already safer insureds.