A coalition of cyber insurance providers is appointing its first chief financial officer as it looks set to expand

A coalition of cyber insurance providers is appointing its first chief financial officer as it looks set to expand

Cyber ​​Security Insurance Provider Coalition Inc. named its first CFO right after raising $250 million in a Series F round.

The San Francisco-based company said Jim Young joined as chief financial officer on July 25. Mr. Young most recently served as CFO at agricultural technology company Indigo Ag. He was previously CFO at Broadridge Financial Solutions for investor communications and technology Inc.

and held senior finance positions at Visa Inc.,

which he helped take public in 2008.

Doug Ireland, the Coalition’s head of finance, was previously responsible for 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 expects to start offering its services in the UK in September. The company also wants to continue developing new offerings and expanding existing services, he said.

Mr. Young said he plans to increase the number of employees and prepare for the company’s international expansion. “It’s developing the talent that we have and recruiting the talent that you would expect in a really sophisticated company, private or public,” Mr Young said.

The company employs about 600 workers, up from nearly 300 a year ago, and plans to bring the total to about 700 by the end of this year, Mr. Motta said.

Mr. Motta said the company has no current plans to go public and is on track to be cash flow positive for the year. The company said it serves 160,000 customers, a mix of businesses and nonprofits.

The coalition has raised more than $755 million in funding, including $250 million in July led by Allianz X, the investment arm of German financial services giant Allianz SE.,

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

The timing of the IPO, if the company pursues it, should not interfere with its long-term expansion and growth goals, said Nazim Cetin, chief executive of Allianz X. “The most important thing is to really stay on their trajectory and continue to innovate,” Mr. Cetin said, declining to disclose the amount. which Allianz invested in the July round.

The coalition said its revenue nearly tripled in the 12 months to June, reaching an annual rate of gross written premiums of more than $775 million.

Mr Young said his experience at firms such as Broadridge and Indigo would help him navigate international expansion and generate returns for shareholders if the coalition eventually went public.

“These businesses are a good training ground for thinking about how to grow the business and what the film looks like at the end,” Young said.

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

insurer.

Write Mark Maurer at [email protected]

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