Mosaic launches global primary cyber coverage with $20m capacity
Bermuda-based specialty insurer Mosaic has started underwriting primary cyber insurance globally, offering $20 million in capacity across its network of underwriting hubs.
The company has launched the new coverage under a partnership with tech firm Safe Security to embed real-time cyber-risk data into its underwriting process.
Mosaic’s primary product leverages Safe Security’s cyber-risk platform to provide organisations with a comprehensive evaluation of their exposure, rewarding their investment in security solutions through premium-rate incentives.
Cyber was Mosaic’s first product in 2021 and has become an increasingly important part of its specialty portfolio amid rising threats from cyber warfare, data breaches, ransomware, and other attacks on systems and software. Mosaic’s primary offering builds on the past two years of excess coverage in the vital sector, and partners with breach specialists to help insured businesses rapidly recover from a cyber event.
Mosaic claims cyber is the fastest growing of its seven lines of business, driven by market demand, global uncertainty, and an increasing number of attacks.
“We’re excited to offer a primary cyber insurance solution across all Mosaic’s underwriting regions,” said Yosha DeLong, Mosaic’s global head of cyber. “We have always had the vision of being a primary solution and providing insureds with a true partner in a time of crisis. The cyber market has experienced major shifts in the last few years, and we aim to add stability and security to the primary marketplace.”
Steven Schwartz, VP, insurance strategy & underwriting, Safe Security, commented: “We’re pleased to partner with Mosaic in introducing the next generation of real-time, inside-out cyber insurance underwriting. Our partnership with Mosaic is industry-first, dynamically linking security controls to insurance coverage with policy incentives that enable trust, transparency, and resilience across the value chain.”
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