Cyber insurance business Coalition cuts sales team

California-headquartered cyber insurance company and managing general agent (MGA) Coalition has disbanded an internal sales team but said the move is not part of any sweeping layoffs.

US-based account executives and business development staff who had held roles at Coalition took to social media, including Linkedin, on Wednesday, to share news that their roles had been cut at the San Francisco, California based cyber insurance business.

Insurance Business understands that cuts were limited to a specific internal sales unit within the company, which continues to grow, and do not signal a wider tranche of layoffs.

“No, Coalition did not conduct layoffs,” a Coalition spokesperson told Insurance Business. “A very small number of positions were eliminated after disbanding an inside sales team, or in following with our annual performance review process.”

Coalition launched its full-stack cyber insurance carrier last year

Coalition is a San Francisco headquartered cyber insurance specialist, founded in 2017 and led by CEO and co-founder Joshua Motta.

Last June, Coalition unveiled the launch of its Coalition Exploit Scoring system, aimed at assisting risk managers in identifying and avoiding potential cyber threats.

2023 was a year of big insurance layoffs

The Coalition spokesperson stressed that its internal sales team cuts should not be seen as corrective layoff action, which was seen across multiple insurance and technology firms last year.

The insurance industry underwent multiple rounds of layoffs in 2023, with big name property and casualty (P&C) insurers including GEICO, Farmers Insurance, and Liberty Mutual making significant workforce cuts.