Cyber ​​Insurance Provider Coalition appoints first CFO as it seeks to expand

Cyber ​​Insurance Provider Coalition appoints first CFO as it seeks to expand

Cybersecurity insurance provider Coalition Inc. has named its first chief financial officer after raising $ 250 million in a Series F round.

The San Francisco-based company said Jim Young started July 25 as chief financial officer. Mr. Young most recently served as CFO at Indigo Ag agricultural technology company. Previously, he was CFO at investor communications and technology provider Broadridge Financial Solutions. Inc.

and held senior financial roles at Visa Inc.,

which he helped make public in 2008.

Doug Ireland, the Coalition’s chief of finance, was previously in charge of the finance team and will now report to Mr. Young, the company said.

The creation of the CFO position comes as the company focuses on launching operations in continental Europe and the Oceania region, CEO Joshua Motta said. Coalition, founded in 2017, operates in the US and Canada and plans to start offering its services in the UK in September. The company also wants to continue developing both new offerings and expansions of existing services, he said.

Mr. Young said he intends to increase the number of employees and prepare for the expansion of the company overseas. “It is both about developing the talent we have and about recruiting talent that you would expect from a truly sophisticated company, private or public,” said Mr. Young.

The company employs around 600 people, up from nearly 300 a year ago, and expects to have a total of around 700 employees by the end of this year, Motta said.

Mr. Motta said the company currently has no plans to go public and is on track to have positive cash flow for the year. The company claimed to serve 160,000 customers, a mix of businesses and nonprofits.

The coalition raised more than $ 755 million in funds, including the $ 250 million July round led by Allianz X, an investment subsidiary of German financial services giant Allianz SE.,

and investment firm Valor Equity Partners and Kinetic Partners Management LP. The most recent round valued the company at around $ 5 billion.

The timing of an IPO, if the company pursues one, should not interfere with its long-term expansion and growth goals, said Nazim Cetin, CEO of Allianz X. “The most important thing is to really stay on their toes. trajectory and continue to innovate, “Cetin said, refusing to disclose the amount invested by Allianz in the July round.

Coalition said its revenue nearly tripled in the 12 months to June and reached an annual rate of over $ 775 million in gross premiums.

Mr. Young said his experience in companies like Broadridge and Indigo will help him navigate international expansion and will generate shareholder returns if the Coalition finally goes public.

“Those companies are a good training ground to think about how to scale a business and what the movie looks like in the end,” said Young.

The coalition also recently named John Littzi as its first general counsel. Mr. Littzi recently served as Deputy General Counsel at WR Berkley corporate

an insurer.

Write to Mark Maurer to [email protected]

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