Cyber ​​Insurance Provider Coalition Names First CFO as Sees Growth

Insurance agent Cybersecurity Coalition Inc. appointed their 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 agricultural technology company Indigo Ag. Prior to that, he was CFO for Investor Communications and Technology provider Broadridge Financial Solutions Inc.

and held senior financial positions at Visa Inc.,

which he helped make public in 2008.

Doug Ireland, Coalition’s chief financial officer, previously managed the finance team and will now report to Mr. Young, the company said.

The creation of the CFO position comes as the company looks to launch operations in continental Europe and Oceania, Chief Executive Officer Joshua Motta said. Coalition, which was founded in 2017, operates in the US and Canada and hopes to start offering its services in the UK in September. The company also wants to continue to innovate and expand existing services, he said.

Mr. Young said he wants to increase the number of people and plan to expand the company abroad. “It’s all about growing the talent we have and recruiting the talent you would expect at a top-tier company, private or public,” Young said.

The company has about 600 employees, up from about 300 a year ago, and plans to number about 700 by the end of this year, Mr. Motta said.

Mr. Motta said the company has no plans to go public and is on track to break even this year. The company said it serves 160,000 customers, including businesses and nonprofits.

The Coalition has raised more than $755 million, including a $250 million investment in July led by Allianz X, an investor in German financial giant Allianz SE.,

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

The timing of the IPO, if the company is pursuing one, should not interfere with its long-term goals of growth and development, said Nazim Cetin, CEO of Allianz X. “The most important thing is to stay on their path and continue to innovate,” said Mr. Cetin, denying revealing Allianz’s investment in July.

The Coalition said its revenue nearly tripled in the 12 months to June and reached more than $775 million in written payments.

Mr. Young said his experience at companies like Broadridge and Indigo would help him drive international growth and, if Coalition were to go public, bring shareholder value.

“Those businesses are a great training ground to think about how to grow a business and what the film looks like at the end,” Young said.

The Coalition also named John Littzi as their first candidate. Mr. Littzi was most recently deputy counsel at WR Berkley Corp.

of the insurer.

Write to Mark Maurer is

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8