Around the P&C insurance industry: May 20, 2020

Here is a round-up of the latest news from around the insurance industry (Photo: Shutterstock)

Coalition, a cyber insurance and security company, announced that it has raised $90 million in equity capital to fuel its mission to solve cyber risk and support its growth and global expansion. Valor Equity Partners led the funding with participation from Felicis Ventures, Greyhound Capital, and Coalition’s existing investors. The investment comes as the company’s customer base crosses 25,000 — a 600% increase from 2019 — making it one of the largest providers of cyber insurance and security in the U.S.

CyberCube has launched “Broking Manager,” a new software-as-a-service application designed specifically for insurance brokers. “Broking Manager” facilitates client insight for both generalist and cyber specialist brokers. The product is built to help brokers quantify, understand, and explain to their clients the sources and financial impact of cyber risk exposure.